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Giant Bitcoin Whale Makes Major Transfer to Coinbase
Alex Dobnya
A large whale recently transferred $61.55 million in Bitcoin to Coinbase after six years of inactivity
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According to the cryptocurrency analysis platform Look on the chainA long-dormant wallet has come back to life after six years to deposit 1,000 BTC ($61.55 million) to Coinbase Prime just hours ago.
The latest transfer comes after several other notable Bitcoin transactions that took place earlier this week. As reported by U.TodayThe U.S. government recently sent approximately $241 million in Bitcoin to Coinbase on June 26. Despite some concerns from the community, the transfer did not trigger a significant price movement.
On July 27, a extremely rare transfer took place, with $3 million worth of Bitcoin mined way back in 2010 being transferred to the Binance exchange. These coins came from the era of CPI mining, when it was possible to mine the original cryptocurrency with your personal computer without using any specialized hardware.
Bitcoin remains in crisis
The price of the largest cryptocurrency is currently changing hands at $61,522 after peaking at $62,314, according to CoinGecko dataThe flagship cryptocurrency has dropped nearly 5% in the past week.
AS reported by U.TodayInflows into large Bitcoin wallets have picked up steam following the recent price crash.
After seeing a brief recovery following the plunge below the $59,000 level, the leading cryptocurrency is struggling to regain bullish momentum with no single major bullish catalyst in sight.
That said, it is worth noting that Bitcoin ETFs have not resumed inflows, which should provide some much-needed relief for bulls.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.