untitled design

Whales Transferred 9301 BTC to Binance

Since June 27, two wallets have transferred 9,301 BTC (about $563 million) to the Binance cryptocurrency exchange. This was noted by Lookonchain specialists.

According to them, in addition to news about payments to Mt.Gox users and sales of the first cryptocurrency by the German and US governments, the actions of Bitcoin whales have exacerbated the asset’s decline.

On July 3, digital gold fell below $61,000. The next day, Bitcoin fell below $57,000. On July 5, the first cryptocurrency fell to $54,000. However, the next day, the asset recovered above $56,000.

At the time of writing, Bitcoin is trading above $57,000.

Earlier, Bitcoin Magazine CEO David Bailey accused the US government of wasting bitcoins. According to him, the country’s first cryptocurrency reserve should have exceeded 400,000 BTC, but instead, Democrats sold a significant portion of the assets at a reduced price.

Bailey reported that the US government sold “187,078 BTC worth $12.5 billion for a paltry $282 million” at an unspecified time.

Bundestag member Joanna Kotar criticized the German government for selling Bitcoin and called such actions counterproductive. She called on Chancellor Olaf Scholz to reconsider the position.

According to analysts at Lookonchain, since June 19, the US and German governments, as well as Mt.Gox, have transferred a combined 17,788 BTC worth about $1.08 billion.

They have 396,210 BTC (~$21.78 billion) remaining in their accounts, which are distributed as follows:

  • 213,297 BTC (~$11.72 billion) – US government;
  • 141,687 BTC (~$7.78 billion) — Mt.Gox;
  • 41,226 BTC (~$2.28 billion) – German government.

Some experts have allowed Bitcoin to collapse to $50,000. In their opinion, the sharp fall of the asset will not be limited to the current level due to the change in sentiment.

At the same time, Standard Chartered analysts predicted a new historical maximum in the price of the first cryptocurrency in August and subsequent growth to $100,000 by the US presidential elections in November.

Stay up to date! Subscribe to World Stock Market on Telegram.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular