Amidst a surge in Bitcoin (BTC) prices, a significant figure in the cryptocurrency world has made headlines by adding substantially to their already impressive holdings. Lookonchain, a well-known analytics platform, recently revealed that a Bitcoin whale had purchased an additional 102 BTC, valued at around $6.72 million.
This whale has acquired an extra 102 $BTC ($6.72M) just 8 hours ago. Since March 6, he has amassed a total of 3,385 $BTC ($232.15M) at an average purchase cost of $68,579. Despite the current price, there is still a loss of $8.08M.
This recent acquisition is part of the whale’s ongoing accumulation spree, with a total of 3,385 BTC worth an impressive $232.15 million gathered since March 6. Despite the significant investments made by the whale, the current market conditions suggest a potential loss for the investor. With an average buying price of $68,579 per BTC, the current market value of $66,289 indicates a deficit of $8.08 million. However, such fluctuations are not uncommon in the volatile world of cryptocurrency trading.
The timing of this purchase aligns with a notable increase in Bitcoin’s price, which has risen by 4.26% in the last 24 hours. This surge comes amidst increased trading activity, with the 24-hour trading volume for BTC jumping by 40.04% to reach $39.57 billion. Analysts attribute this bullish momentum to the release of key economic data, particularly the US Consumer Price Index (CPI) for April.
The US Bureau of Labor Statistics (BLS) reported a modest 0.3% increase in the CPI for April, slightly lower than the expected 0.4%. This data indicates a slower inflation rate than previously predicted, sparking discussions among market participants about potential actions by the Federal Reserve.
The March CPI figure, which stood at 0.4%, contributed to a 12-month increase of 3.4% in the index. This suggests a moderation in the inflation rate, leading to speculations about the Federal Reserve’s monetary policy stance. Currently, traders are evaluating the likelihood of interest rate cuts, with only a 3.1% chance of a rate cut in June according to the CME’s FedWatch tool.
Expectations are higher for a rate cut in September, with a 53% probability. Overall, the interaction between macroeconomic factors and the crypto market highlights the growing impact of traditional economic indicators on digital assets. As Bitcoin attracts more institutional investors and gains wider acceptance, its price movements are increasingly influenced by global economic trends and policy decisions.