Binance Received Half a Billion. After lying idle for five and a half years, an ancient Bitcoin (BTC) address has recently emerged. Data from the well-known on-chain analytics tool Lookonchain indicates that the once-dormant address recently sent 8,000 BTC, or roughly $535 million, to the Binance cryptocurrency exchange.
History of the Bitcoin Dormant Address
When the inactive address reappeared in 2018, it was on December 5 that it received 8,000 BTC from 6 distinct transactions. The information shows that 400 BTC was the lowest transaction to the wallet, and 8,825 BTC was the biggest. At that point, $3,810 was the price of Bitcoin, equivalent to $30.4 million in investments. The investor made a whopping $505 million profit because the 8,000 BTC are now worth about $535 million, with the price of Bitcoin currently circling about $67,000.
The online cryptocurrency community has conflicting opinions about the recent BTC transfer. Some assert that the Bitcoin transfer to Binance is only for storage, while others believe the investor hopes to make money. A group of people think that a bear market is imminent. They contend that the investor is acting sensibly to protect its investment from future losses.
Binance Received Half a Billion: Altcoins are falling due to the increased liquidation of BTC. As previously reported, the total amount liquidated from the crypto market increased to $93.68 million. With more than $14.59 million, Bitcoin was the most valuable of these liquidations. As of the time of writing, the price of Bitcoin is $65,640, down 5.2% over the last day and 6% over the previous week.
Due to inflows into specialized US Exchange-Traded Funds (ETFs), Bitcoin peaked at $73,798 in March, so this decline is very significant. Notably, there has been a recent decline in the price of Bitcoin in anticipation of a possible reduction in interest rates in the United States. Many predict that the Federal Reserve will lower interest rates in line with the Bank of Canada and the European Central Bank, which did so last week.
Will Bitcoin’s Price Bounce Back
Whatever transpires, many market observers believe that Thursday’s Federal Open Market Committee (FOMC) meeting could act as a trigger and raise the price of Bitcoin. Their expectation is predicated on the idea that price surges for Bitcoin have historically followed FOMC meetings. Other factors, including investor sentiment, will also impact whether this occurs. The potential approval of S-1 registrations for spot Ethereum exchange-traded funds may also contribute to a general market rebound.
Also Read: Hackers Steal Millions from Binance Accounts by Using Chrome Plugin
