The whale in question has acquired an astonishing $282.38 million worth of Bitcoin at an average price of $64,471. , the sharp drop was caused by fresh US economic data that showed rising inflation and slowing GDP growth. Futures traders have now pushed back the timing of the first expected rate cut to December. Some analysts have also predicted that interest rates are going to remain steady in the US this year, a scenario that is not going to bode well for risk assets like cryptocurrencies.
Despite these bearish factors, major market players appear to be willing to buy the current dip based on the actions of the aforementioned whale. However, it remains to be seen whether or not the recent price recovery will be sustainable. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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