Thursday saw another dip in the price of Bitcoin as the digital currency failed to retain the price level of $40,000. However, crypto millionaires remained unshaken from the price plunge. Yesterday, a prominent BTC wallet sent 5,000 coins worth over $210 million to Xapo.
The transaction was executed at 17:43 UTC on 9 March when Bitcoin was trading near $42,000. In the first two months of 2022, whale activity across the Bitcoin network dropped slightly compared to the same period in 2021. But, a recent increase has been observed by Whale Alert in the past 48 hours.
Additionally, dormant BTC wallets have started moving the digital asset. According to the recent data published by Whale Alert, a Bitcoin address that remained inactive during the last 11 years, moved $20 million worth of cryptocurrency on Thursday.
“A dormant address containing 489 BTC (20,242,263 USD) has just been activated after 11.4 years (worth 50 USD in 2010),” Whale Alert noted.
Bitcoin Regulations
BTC and the crypto sector have remained the most discussed topic among financial regulators around the world in the past few days. The crypto community expressed optimism regarding US President Joe Biden’s recent executive order on digital currencies. The optimism was evident in the price of Bitcoin as well.
“Bitcoin is leading the cryptocurrency market higher after US Treasury Secretary Janet Yellen's early publication of statements revealing that President Joe Biden plans to take a constructive approach in regulating the digital token space. The market has clearly been heartened by talk of supporting responsible innovation and a constructive approach to regulating the evolving digital token economy. Investors waiting on the sidelines as the Russia-Ukraine war unfolds have reentered the market resulting in impressive gains for some of the leading cryptocurrencies,” the Trading Team of Bitfinex, mentioned in a note.
