- Bitcoin surged past $60,000, reaching $60,660, fueled by whale activity and optimism surrounding potential Federal Reserve rate cuts.
- Significant whale activity includes a dormant wallet depositing 203 BTC into Binance, generating a $6.89 million profit.
- MicroStrategy increased its Bitcoin holdings to 244,800 BTC, with an unrealized profit of $4.71 billion at current prices.
Bitcoin, the largest cryptocurrency by market value, has surged past the $60,000 mark, hitting a high of $60,660 during Saturday trading. This rally comes as traders anticipate potential rate cuts by the Federal Reserve, which has reignited optimism in the market.
Bitcoin’s Price Rally Continues
Bitcoin’s price began rising on Friday, reaching $60,770 its highest level since the beginning of September. The cryptocurrency’s gains were sustained through Saturday, with Bitcoin trading at $59,835, marking a 3.27% increase in the last 24 hours. This rise comes after a period of losses throughout September, driven by concerns about a weakening U.S. economy.
On-chain analytics platform Lookonchain stated that a factor in this rise was the engagement of the Bitcoin whales. In the case analyzed, 203 BTC equivalent to $12.18 million was deposited to Binance by seven wallets that had been inactive for over a year and were likely owned by one whale. The profitability of this transaction was $6.89 million and fits into the pattern where whales are selling at the peak of the cyclic price rise.
More Whale Movements as Bitcoin crosses $60000
It is tempting to say that just as the price went beyond the $60,000 mark, there were more activities from the whales. An additional on-chain data showed that a Bitcoin whale acquired 1,062 new BTC at USD 63.96 million. Including the recent acquisitions, the whale now holds 10,043 BTC, making over $603 Million. In a manner similar to this, the bitcoin price appreciation trend has been aided by the activities of whales during the recent rise events.
It’s never the first time for a MicroStrategy corporate bitcoin holder to add significantly to the growing pool of bitcoin. The company purchased an additional 18,300 BTC at an average price of $60,408 amounting to $1.11 billion between August 6 and September 12. The purchase of BTC this time raised MicroStrategy ownership to 244800 btc with a present market value of 14.15 billion. The average buying price of the company is as follows: $38,585, while unrealized profits are approximately $4.71 billion.
Outlook and future trends
Due to whale activity, corporate purchases, and market positivity backstopping the rally, Bitcoin is still in a good place. Analysts are going to pay much attention to how the cryptocurrency market is going to respond to the decisions made by the Federal Reserve in the future because more rate cuts are likely to keep on boosting Bitcoin’s rally.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
