Bittime - Trading volume on spot exchanges and crypto derivatives experienced a significant decline due to uncertainty. Federal Reserve officials have become more hawkish and warned that interest rates will likely stay higher for longer. However, whales have accumulated $941 million worth of Bitcoin in the last 24 hours as a result of the Bitcoin price drop.
Bitcoin Whales Bought $941M Worth of Bitcoin
As Bitcoin price remains in the $61K–$64K range, many people are using itGiant Whales to accumulate Bitcoin over the past 24 hours, according to on-chain data platform Santiment.
Even though the price dropped to $62,000, wallets consisting of 1k–10k BTC have collected more than 15,000 BTC, or almost $941 million. This shows the whales' confidence. Through accumulation, it is considered important to maintain a bullish outlook for crypto or the crypto market as a whole.
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Federal Reserve Collins Says Federal Interest Rates Will Last Longer
On Wednesday, Boston Federal Reserve president Susan Collins said that reducing inflation would take longer than previously thought.
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He also stated, “Slower economic growth is needed to reduce inflation, which will result in a decrease in demand.”
Despite favorable economic factors and Federal Reserve Chair Jerome Powell's hawkish statements made last week, Federal Reserve official Neel Kashkari's remarks apparently struck fear into the crypto market.
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Is This a Sign of a Bitcoin Price Reversal?
Bitcoin price fell below $62,000 as traders booked profits or liquidated their long positions. Prices have fallen more than 5% this week and have fallen more than 1%.
According to Kaiko market research, popular coins such as dogwifhat (WIF) and Pepe Coin (PEPE) continue to be bought by investors in anticipation of a price recovery in this bull market due to massive accumulation.
How To Buy Bitcoin (BTC) With Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with BTC IDR pairing.
To be able to buy BTC tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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