Bitcoin (BTC), the largest and most popular cryptocurrency, has experienced a continued decline, dropping over 1% in the last 24 hours to a value of $27,077.76. This downward trend was triggered by the news of prominent crypto lending platform BlockFi planning to liquidate its business.
Since January, BlockFi has been facing regulatory challenges and attempting to sell its crypto platform and approximately 700,000 customer accounts. However, their efforts have been unsuccessful, leading to the company filing for bankruptcy in November last year.
Furthermore, the upcoming debt ceiling talks will likely significantly impact investor perception of Bitcoin (BTC) as a safe-haven asset amidst regulatory uncertainty. While BTC remains relatively stable, risk-averse market sentiment could result in selling pressure.
Bitcoin Price
The current price of Bitcoin is $27,077.76, with a 24-hour trading volume of $13,130,703,465. Over the past 24 hours, Bitcoin has experienced a decline of 1.27%.
This decrease can be partly attributed to the Federal Reserve’s commitment to maintaining a hawkish stance, which has strengthened the US dollar and impacted the value of BTC.
BTC Declines Amid BlockFi’s Liquidation Announcement and Crypto Platform Challenges
Bitcoin experienced a decline of more than 1.5% yesterday, triggered by the announcement that BlockFi, a prominent crypto lending platform, would be closing down. BlockFi has been trying to sell its crypto platform and approximately 700,000 customer accounts since January due to regulatory challenges.
#CryptoNews: A New Jersey judge has decided that #BlockFi's custodial wallet users are entitled to receive back nearly $300 million worth of assets that were frozen after the crypto lender filed for bankruptcy in April 2023. https://t.co/VeFjSLeq0P
— CoinMarketCap (@CoinMarketCap) May 12, 2023
Despite their efforts, they could not find a buyer and ultimately filed for bankruptcy in November of the previous year. It is worth noting that several other crypto platforms have also encountered difficulties in recent times, including Terraform Labs, Three Arrows Capital, Alameda Research, and FTX exchange.
Significant Bitcoin Transfers from Coinbase to Anonymous Wallets Raise Market Speculation
According to Whale Alert, a prominent cryptocurrency tracking service, notable amounts of Bitcoin were recently moved from Coinbase, a leading US-based crypto exchange, to anonymous wallets. These transfers took place approximately 15 hours ago.
Data analysis reveals that Whale Alert detected incoming Bitcoin transactions to Coinbase from two anonymous wallets, which occurred before the price drop. Additionally, two anonymous wallets transferred a substantial amount of Ethereum (19,635 ETH each) to Coinbase.
While the exact impact of these transfers on Bitcoin’s price remains uncertain, it is essential to note that large-scale movements of cryptocurrencies can potentially create market volatility. Traders and investors closely monitor such transactions as they can signal significant market movements.
In addition to Bitcoin, the transfers on Coinbase also involved Ethereum, with two anonymous wallets sending 19,635 ETH each to the platform. This highlights the active trading activity on Coinbase and the involvement of various cryptocurrencies in the market.
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This article was written for Business 2 Community by Arslan Butt.
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