Global’s Biggest Exchange is Astonished by the Mysterious $1.88 Billion Bitcoin Transfer
While Ethereum fell nearly 4% and barely managed to stay over $1,600, Bitcoin fell roughly 2% and was able to hold $27,500 levels.
Despite a significant increase in the equities market and a decline in bond yields, buyers continued to steer clear of Bitcoin and other cryptocurrency tokens on Thursday, which caused them to struggle. While the US Fed’s minutes revealed that most members anticipate another round of rate hikes to finish the current tightening cycle, the US PPI for September came in somewhat stronger than anticipated.
According to additional reports, the Wall Street Journal reported that Elliptic, a forensics business, and BitOK, a Tel Aviv software company, provided data indicating that between August 2021 and June 2023, the terrorist organisation Hamas and its affiliates received millions, or roughly $93 million, in cryptocurrency donations. Cryptocurrency is frequently cited as a deceptive means of funding for these kinds of extremist organisations.
The largest cryptocurrency, Bitcoin, saw a decline of approximately 1% but was able to maintain $26,500 levels. Ethereum, its biggest peer, was also seen in red, declining violently but managing to stay above the $1,560-mark. The altcoin market saw erratic activity.
The price of bitcoin fell below $27,000 while traders awaited the release of the September US inflation report. “Bitcoin now needs to overcome the resistance level of $27,000, although it can find support at $26,600. Ethereum is now selling at about $1560.
Top cryptocurrency tokens were trading in a mixed bag on Thursday. Litecoin experienced a decline of almost 3% among the losers, whereas Solana saw a decrease of roughly 2%. Each of Dogecoin and Polkadot lost roughly 1% of its value. Chainlink and Toncoin were the top gainers, with both rising by more than two percent.
The value of the world’s cryptocurrency market was down, trading at $1.05 trillion after falling by less than 0.5 percent over the previous day. Nonetheless, the total trading volume increased to $25.81 billion, up more than 2%.
Bitcoin took a big step down and has been falling for the past three days after breaking through the crucial $28,500 barrier. Although the $26,500 barrier is serving as support right now, any additional drop might trigger another sell-off that would likely drive Bitcoin down to $24,000 or even below.