Bitcoin (BTC) jumps in hours as whale transfers $1 billion worth in historic move BTC $BTC
The rise extended further on March 17 as Bitcoin regained the $26,000 mark, reaching intraday highs of $26,286. At the time of publication, Bitcoin was up 5.73% in the last 24 hours to $26,073.
According to Santiment,"a $1 billion Bitcoin transaction has been sent to 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6. This is the largest BTC on-chain transaction of the year. The address held a high of 143,310 BTC in October, was emptied out in November, and is now back at 40,141 BTC."A chart posted by Santiment indicates that 40,157 BTC were sent to a whale address that holds more than 1 BTC for the first time since November 2022.
Bitcoin plunged to lows of $15,512 in November 2022 following the collapse of FTX — once a $32 billion crypto exchange, which impacted investor confidence in cryptocurrencies.Following a period of range trading, Bitcoin started a rebound in January 2023 before the rally somewhat paused in February. A recovery started from lows of $19,568 on March 10. The lead cryptocurrency rose past $26,000 on March 14, reaching highs last seen in June 2022. The current move has shifted the focus to the next technical hurdle above $28,000.notes that"Bitcoin's rate of network growth is prospering right now, even with the unpredictable volatility in crypto markets right now."
It further stated in a tweet,"In the past 2 months, the total amount of BTC addresses has grown by 1.71 million, a 3.95% increase in a relatively short period."
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