2024

Bitcoin

Million

Arkham

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The crypto market has experienced its second largest liquidation event of all time today, with almost $700 million in long orders wiped out overnight. This occurred as&nbsp;<a href="https://u.today/michael-saylor-and-bitcoin-grilled-by-peter-schiff">Bitcoin's price</a> plunged below $54,000, leading to a cascade effect that has further destabilized the market.&nbsp;
Large liquidations like these not only depress prices but also trigger investor panic, exacerbating the sell-off and leading to even more liquidations. The current market situation appears grim, with experts predicting a slower recovery compared to the past.
In the midst of this mess, a jaw-dropping&nbsp;<a href="https://twitter.com/whale_alert/status/1809189855550640281?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1809189855550640281%7Ctwgr%5E1a9a51bdebfdcb2051f2b1c54091d25af354bcc5%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2Fwhale_alert%2Fstatus%2F1809189855550640281">transfer</a> has raised eyebrows, as a transaction involving 11,302 BTC, equivalent to $624 million, was detected moving between unknown wallets. This large-scale transfer has added to the unease among investors, already jittery from the market's wild ride.
<blockquote>
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,302 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (624,427,119 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/xdFHAk0yKr">https://t.co/xdFHAk0yKr</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1809189855550640281?ref_src=twsrc%5Etfw">July 5, 2024</a>
</blockquote> 
The timing of this transfer also coincided with the FUD surrounding large-scale sales by entities such as&nbsp;<a href="https://u.today/former-mt-gox-ceo-breaks-silence-on-141686-bitcoin-payback">Mt. Gox</a> paybacks and the German and U.S. governments. The movement of such a substantial amount of&nbsp;<a href="https://u.today/microstrategys-michael-saylor-reacts-to-btc-price-slump">Bitcoin</a> in this climate has only fueled speculation about the intentions behind the transfer and its potential impact on market stability.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="c837fb87-285d-43f8-8863-d201a866833c" src="https://u.today/sites/default/files/inline-images/bitcoinnn_0.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>
However, in a surprising twist, Arkham has identified these wallets as belonging to BitMEX, one of the leading and oldest crypto exchanges.
As the market navigates such a chaotic timeline, the actions of major players and the perception of investors will be critical in determining the trajectory of cryptocurrency prices in the near future.

Bitcoin Witnesses Crazy $624 Million Mystery: What Happened?

U_Today

Další články publikované 5. 7. 2024

BTC, LTC struggle in bear market as WW3 Shiba takes center stage

Chainlink (LINK) Witnesses Decline Amid Hike in Daily Transactions

Michael Kane Sentencing: Ex-Hydrogen Technology CEO Bags 3.75 Years Jail Term Over Price Manipula...

Fuk MT Gox to Skyrocket 17,000% as KuCoin Listing Announced, While Shiba Inu and Dogecoin Struggle

Bitcoin Price Drop Affects Altcoins and Highlights Market Realities

Rusty Kaspa Nodes Dominate Mainnet with Impressive 98.83% Share

Join our free newsletter for daily crypto updates!