U.Today – Bitcoin Market Update

Bitcoin, the largest cryptocurrency by market value, topped $60,000, reaching highs of $60,660 in Saturday trading. This surge reflected a reversal of September losses amid fears of a weakening U.S. economy.

Bitcoin’s price rose on Friday, hitting $60,770, its highest level since early September, as traders anticipated that the Federal Reserve’s next meeting might result in a significant rate cut.

These gains persisted, and as of press time, Bitcoin was up 3.27% in the last 24 hours to $59,835.

As Bitcoin approached the $60,000 mark, on-chain analytics platform Lookonchain reported that seven wallets, dormant for over a year and likely belonging to the same whale, deposited 203 BTC worth $12.18 million into Binance, securing a profit of $6.89 million.

Depositing to exchanges typically indicates an intent to sell, while withdrawals may imply buying. Lookonchain noted that the whale acquired the 203 BTC for around $5.29 million between March 10 and August 7, 2023.

Whales Make Moves

On-chain data sources revealed that Bitcoin whales were active, buying and selling as prices surged above $60,000. Following Bitcoin’s breakthrough, one whale purchased an additional 1,062 BTC for $63.96 million, increasing its total holdings to 10,043 BTC valued at $603.84 million.

In another profit-taking action, a BTC swing trader deposited 205 BTC worth $12.4 million into Binance, yielding a profit of $2.36 million.

Bitcoin corporate holder MicroStrategy disclosed purchasing another 18,300 BTC for $1.11 billion at $60,408 between August 6 and September 12.

Currently, MicroStrategy holds 244,800 BTC valued at $14.15 billion, with an average buying price of $38,585. At current prices, this positions them for a profit of approximately $4.71 billion.

This article was originally published on U.Today