Massive Transfer of Bitcoin Worth $116 Million Made After More Than a Decade
In a surprising development, a wallet containing 1,000 Bitcoins, currently worth approximately $116.8 million, was moved to a new wallet on Tuesday. The transfer, first flagged by the on-chain wallet tracker Lookonchain, has sent ripples through the cryptocurrency market.
As traders await the outcome of Wednesday's Federal Open Market Committee (FOMC) meeting, Swissblock, a crypto asset manager, predicts a 25 basis point rate cut from the Federal Reserve. This potential move could add to the market volatility that Swissblock believes will be a determining factor in whether Bitcoin's price holds or if a sell-off occurs.
The value of the 1,000 BTC in dollars was calculated based on the current trading price of bitcoin at approximately $116,790. Interestingly, the whale wallet in question received the coins when the price of bitcoin was $847, indicating a significant appreciation in the BTC price over the past 12 years.
Despite the identity of the owner of the Bitcoin wallet, which has been untouched for the better part of 12 years before the recent transfer, remaining unknown, the event has sparked much discussion in the cryptocurrency community. Swissblock made this statement on date X.
According to Swissblock, volatility is expected in the stock market today, a sentiment echoed by the modest 1.5% gain Bitcoin has made in the last 24 hours. The transfer of the 1,000 BTC was noted to have occurred using data from Arkham.
As we move towards the FOMC meeting, the cryptocurrency market will be closely watching these developments, with traders and investors eagerly awaiting the potential impact on the BTC price.
