- Whale transactions, occurring in parallel with a price drop in digital currency, have sparked more speculation within the cryptocurrency market.
- According to data presented by a platform facilitating blockchain metrics, five notable transactions took place in the last 24 hours.
- The significant transfer of Bitcoin to Coinbase reflects a potential increase in the token’s supply and aligns with the price drop experienced by digital currency today.
Bitcoins transferred to the Coinbase exchange may have triggered the decline in BTC price: What path will Bitcoin follow now?
Whales Transfer Bitcoin to Coinbase Exchange
Bitcoin has recently gained significant traction in the overall cryptocurrency market. On Saturday, the recording of whale transfers to a centralized exchange involving Bitcoin has fueled speculation among cryptocurrency market enthusiasts.
Furthermore, whale transactions, coinciding with a price drop in digital currency, have sparked more speculation within the cryptocurrency market. However, a leading cryptocurrency analyst shared information about a potential bullish condition against the backdrop of the token’s price drop.
According to data presented by a platform facilitating blockchain metrics, five notable transactions took place in the last 24 hours. The data indicates that unknown wallets seem to have transferred 7,200 BTC to Coinbase in a series of transactions. The wallet identified as 1B31duP63n…JMAtzxnUgz reported transferring 2,310 BTC to Coinbase in a series of transactions. Additionally, another wallet address, 1K9kvhQVMG…RwH2jX8SFn, transferred 2,461 BTC to the centralized exchange.
In addition to the mentioned transfers, three more whale transactions occurred, moving 5,995 BTC to Coinbase. Unknown wallets identified as 1JB7v5GmLm…XttNFhKpRm, 13XXgwfjRr…ujuMRZFx2A, and bc1qsqwp5h…rf3armszq2 were recorded, constituting the previous transfer made during the price drop. The significant transfer of Bitcoin to Coinbase reflects a potential increase in the token’s supply and aligns with the price drop experienced by digital currency today.
Current Status of Bitcoin Price
At the time of writing, the Bitcoin price has declined to $42,262 with a 1.04% drop in the last 24 hours. Furthermore, this decline came alongside a 4.42% weekly decrease. The price drop experienced by Bitcoin today also parallels the movement of coins to Coinbase.
However, Nishant, a prominent cryptocurrency analyst, highlighted that the BTC price increased from $16K to $42K, leading a surge in the last year, emphasizing the exciting nature of December for cryptocurrencies and indicating a potential bullish run for Bitcoin.
