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Is This One of the Reasons for Today’s Big Decline in Bitcoin? Here’s the 535 Million Dollar Worth Transaction

The reasons for the huge decline in the Bitcoin and cryptocurrency markets today are wondered. Here is one of the factors that pave the way for the decline.

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Data provided by cryptocurrency analysis company Arkham reveals that a wallet that has been dormant for a long time has been carrying a large amount of Bitcoin.

According to data, a cryptocurrency wallet that has been dormant for 5.5 years without any movement moved 8,000 Bitcoins, which corresponds to approximately $ 535 million, at the time of writing.

The data shows that the BTC assets in question were distributed across a number of different cryptocurrency wallets, four of which belonged to Binance deposit addresses. The amount transferred to Binance was recorded as 1,416 BTC.

The giant whale wallet paid approximately $108 in fees for the transfer of the $535 million BTC in question.

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The overall cryptocurrency market witnessed an unexpected decline today. Bitcoin, the world's largest cryptocurrency, has decreased by approximately 4.57% in the last 24 hours. With the decline, the BTC price fell below $ 67,000 and is trading at $ 66,588 at the time of writing.

The general reason for the decrease is thought to be that both CPI and interest rate decision data will come from the USA tomorrow.

*This is not investment advice.

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