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Bitcoin Zeroing in On $45,000 Price Tag

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Thu, 8/02/2024 - 6:56
Bitcoin Zeroing in On $45,000 Price Tag
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Bitcoin's price has climbed back above $44,500, prompting a robust resurgence in the cryptocurrency market. 

This latest price surge comes on the heels of notable activity from Bitcoin whales, who have significantly impacted the market dynamics. 

Big whale moves 

SpotOnChain reported that two fresh whales withdrew a combined total of 2,320.2 BTC, valued at approximately $100 million, from Binance at $43,107. This happened shortly before the market witnessed a price surge. 

This move resulted in an estimated profit of $3.49 million, marking a 3.49% gain. 

Caution ahead 

Despite the current optimism, the outlook for Bitcoin remains uncertain, especially with the anticipated halving event in April. 

Recent data indicates a decline in the amount of Bitcoin held by miners, a potential signal of headwinds for Bitcoin's price. 

Miner reserves have decreased by 8,400 tokens since the start of 2024, dropping to levels last seen in June 2021.

This sell-off, which is aimed at bolstering balance sheets and funding growth ahead of the expected decline in mining rewards, underscores the challenges that miners are facing.

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