The price of Bitcoin fell again on Thursday as the digital currency lost its $40,000. The price drop in Bitcoin was not enough to stop crypto millionaires from becoming a billionaires. Yesterday, a well-known BTC wallet sent 5,000 bitcoins worth more than $210 million via Xapo.
At 17:43 UTC on March 9, when Bitcoin was trading at $42,000, the transaction was completed. Whale activity on the Bitcoin network has dropped slightly in the first two months 2022 compared to 2021. Whale Alert has observed a recent rise in whale activity over the past 48 hours.
In addition, BTC wallets that are not in use have begun moving the digital asset. Whale Alert has released data that shows that a Bitcoin address which was inactive for the past 11 years moved $20 million worth cryptocurrency on Thursday.
Whale Alert reported that a dormant address with 489 BTC (worth 50 USD in 2010) was activated just after 11.4 years.
Bitcoin Regulations
In the last few days, BTC and crypto have been the most talked about topic by financial regulators all over the globe. The crypto community was optimistic about the recent executive Order of US President Joe Biden on digital currencies. This optimism was also evident in Bitcoin’s price.
“Bitcoin is driving the cryptocurrency market higher following the publication by Janet Yellen, US Treasury Secretary, of early statements revealing that President Joe Biden intends to adopt a constructive approach in regulating digital token space. Talk of encouraging responsible innovation and a constructive approach in regulating the digital token economy has evidently energised the market. The Trading Team at Bitfinex mentioned that investors who had been watching the Russia-Ukraine conflict unfold have now reentered the markets, resulting in remarkable gains for some of the top cryptocurrencies.”
