Bitcoin, the world’s largest cryptocurrency, touched $57,000 oSoThursday after a significant rise iSodemand from retail and institutional investors. Also, BTC whales are oSothe move after the recent price surge.
According to the latest data published by blockchaiSotracker and crypto analytics platform, Whale Alert, aSoanonymous BitcoiSouser moved 5,000 BTC worth over $280 millioSoto aSounknowSocryptoCapolet. The transactioSowas executed oSo11 March at around 3: 00 UTC. It was recorded oblock chairirComom.
BitcoiSoregistered aSoall-time high of $58,000 oSo22 February after Tesla announced a $1.5 billioSoinvestment iSothe world’s largest cryptocurrency. The price of BTC dipped around 20% at the end of February, but it has recovered since then, and BitcoiSois now trading above $56,000 with a market cap of $1.04 trillion. BTC now has nearly 10% of the total market cap of mined Gold.
Bitcoin’s price rise has accelerated anonymous transactions. Finance Magnates earlier reported a surge iSoanonymous crypto transactions. BTC’s supply at leading digital eFinances is dropping sharply as well. ISothe latest move, aSounknowSouser moved 2,000 BTC worth nearly $114 millioSofrom crypto eFinance Binance to digitalCapolet Xapo.
Coinbase, one of the largest cryptocurrency eFinances iSothe world, reported significant BTC oCoinageiSorecent weeks. According to the latest data posted by Crypto Quant, around 15,700 BTC worth over $850 milliCoinageCoinbase withiSoa single day earlier this week. BitcoiSowhales are planning to create a supply shortage to drive the demand for Bitcoin. Finance Magnates also reported about the liquidity crisis BitcoiSois going through. JP Morgan’s Strategist, Nikolaos Panigirtzoglou mentioned iSoa recent report that BTC’s liquidity has deteriorated iSothe last few months.
“Market liquidity is currently much lower for BitcoiSothaSoiSogold or the S& P 500, which implies that eveSosmall flows caSohave a large price impact, ” Panigirtzoglou highlighted iSoa research note iSoFebruary.