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Crypto Alert: Dormant Wallet Activates With Transfers $44 Million in Bitcoin: What’s Next?

Published 06/05/2024, 16:30
Updated 06/05/2024, 16:45
© Reuters.  Crypto Alert: Dormant Wallet Activates With Transfers $44 Million in Bitcoin: What’s Next?
BTC/USD
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Coin Edition -

  • Activation of dormant whale wallet with $43M in BTC raises concerns of potential selloff amid Bitcoin’s recovery.
  • Bitcoin’s surge past $64K triggers caution among traders due to overbought signals and potential trend reversal indicators.
  • Shorts dominating liquidations as Bitcoin rebounds, but impact of short squeeze may be limited, keeping market dynamics uncertain.

Bitcoin soared above the $64,000 threshold today, setting a momentous achievement in its current run-up.The resurgence in Bitcoin’s price was accompanied by a noteworthy event – the activation of a dormant wallet containing 687 BTC, valued at over $43 million as per Whale Alert data. This dormant Bitcoin whale, inactive for over a decade, made two substantial transfers to unknown wallets on Monday, totaling nearly $44 million.

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