Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin, the largest cryptocurrency by market value, topped $60,000, reaching highs of $60,660 in Saturday trading. The surge reflected a reversal of September losses amid fears of a weakening U.S. economy.
Bitcoin's price rose on Friday, reaching $60,770, its highest level since the beginning of September, as traders became optimistic that the Federal Reserve's next meeting might yield a jumbo-sized rate cut.
The gains were sustained till press time with Bitcoin up 3.27% in the last 24 hours to $59,835.
As Bitcoin touched the $60,000 mark, on-chain analytics platform Lookonchain reported that seven wallets that have been dormant for over one year and most likely belonging to the same whale deposited 203 BTC worth $12.18 million into Binance some hours ago for a profit of $6.89 million.
Tomiwabold OlajideDepositing to exchanges usually reveals an intent to sell while withdrawals might imply buying. According to Lookonchain the said Bitcoin whale bought the said 203 BTC for a worth of $5.29 million between March 10 and Aug. 7, 2023.
Whales make moves
According to on-chain data sources, Bitcoin whales have made remarkable moves, buying and selling in the last 24 hours, coinciding with Bitcoin's surge above $60,000.
According to Lookonchain, after the BTC price broke through $60,000, a Bitcoin whale bought another 1,062 BTC worth $63.96 million. The whale currently holds 10,043 BTC worth $603.84 million.
Likewise, in a profit-taking move, a BTC swing trader deposited 205 BTC worth $12.4 million into Binance, netting a total profit of $2.36 million.
Bitcoin corporate holder MicroStrategy revealed buying another 18,300 BTC worth $1.11 billion at $60,408 between Aug. 6 and Sept. 12.
MicroStrategy currently holds 244,800 BTC worth $14.15 billion, and the average buying price is $38,585. At current prices, the profit would amount to a whopping $4.71 billion.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team