United

Jerome Powell

Chair

Bitcoin

April

The global crypto market saw an unusual movement of over 15,000 <a href="https://news.todayq.com/whales-arent-scared-of-bitcoin-fall-heres-why/" rel="noopener noreferrer nofollow">Bitcoin outflow</a> from the US’s biggest crypto exchange, Coinbase. However, this is the seventh such instance happening in this year that such a huge BTC has been withdrawn from the exchange. Coinbase sees massive outflow 
As per a report shared by the Cryptoquant, there have been recurrent large Bitcoin outflows recorded since February 19, 2024. The latest transaction seen was valued at approximately $989,561,227. Meanwhile, the magnitude of these transactions suggests they are likely to be executed by institutional investors rather than individuals.
It is crucial to consider that there is a huge possibility of these transactions being internal transfers within Coinbase. It has only been 12 weeks since the initial major withdrawal of 18,746 Bitcoin happened on the platform. However, such transactions have occurred seven times since February.
This move raises questions about the transaction’s nature. Experts suggest that this pattern of transactions hints at institutional involvement.&nbsp;
Bitcoin price surged by almost 5% in the last 24 hours. This comes in as United States core inflation hit three year lows. As per reports, the April Consumer Price Index&nbsp; inflation rate fell to 3.4%, which is in line with expectations of 3.4%. Core CPI inflation stood at 3.6%, which is in line with expectations of 3.6%. However, this marks the 37th consecutive month with inflation above 3%. BTC regains $64K 
The ongoing surge has helped BTC to erase its decline registered over the past week. Bitcoin price is now up by 3% over the last 7 days. It is trading at an average of $64,181, at the press time. BTC’s 24 hour trading volume is up by 12% to stand at $31.1 billion. Its market cap stood at $1.26 trillion.
This uptick came as Federal Reserve Chair Jerome Powell indicated that the current monetary policy was sufficiently restrictive. This signaled no further interest rate hikes. Despite this, Powell cautioned that inflation had not yet convincingly moved towards the Fed’s 2% target.&nbsp;
Producer Price Index (PPI) data for April showed higher-than-expected inflation, which could influence the upcoming CPI report. The anticipation of these economic indicators has created a mixed sentiment in the crypto market, impacting Bitcoin’s short-term performance.
The global crypto market rose by 3.7% over the past day. The cumulative market cap stands at around $2.33 trillion.

What’s behind Coinbase’s 15,000 Bitcoin outflow amid rally?

Todayq News

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