Bitcoin Whales Scoop Up $1 Billion Worth of BTC During Dip
Author: Content Editor
The cryptocurrency market experienced a significant sell-off, causing its market capitalization to plummet by over $600 billion. Bitcoin also saw a drop from $108,000 to $92,000 before starting to recover. Despite still being down over 6.8% in the last 24 hours, Bitcoin is currently trading at $95,600. Cryptocurrency analyst Ali Martinez noted that Bitcoin whales took advantage of the price drop and purchased $1 billion worth of the cryptocurrency. The sell-off was triggered by the Federal Reserve's decision to cut interest rates and Chair Jerome Powell's suggestion of fewer rate cuts in the future. This dampened investor sentiment and affected risk assets across various markets. The country of El Salvador, which made Bitcoin legal tender earlier this year, also took advantage of the price dip and bought $1 million worth of Bitcoin, increasing its total holdings to 5,980 coins.