Crypto Whale Sends 4,000 Bitcoin to Gemini Exchange

Bitcoin is the world’s oldest cryptocurrency as well as the largest and most popular digital currency. It has suffered huge losses since the beginning of 2022, with the entire cryptocurrency market crashing. Bitcoin was up 30% while improving the price in the past. But once again its price took a dive and it started going up and down around 25 thousand dollars. As a result, activity in the bitcoin network began to decline once again over the past few days. Meanwhile, news is coming from crypto whales that a major transaction has been done in bitcoin.

A leading on-chain analytics and tracking platform Whale Alert Has disclosed a large transaction in bitcoin. The platform has revealed that 4000 bitcoins have been sent from an unknown crypto wallet to the Gemini exchange. The value of these tokens is said to be $86 million. The supply of bitcoin is increasing but it is not in an active state right now. According to on-chain market intelligence platform Glassnode, the percentage of bitcoin’s supply, which was the most active five years ago today, reached an all-time high of 24.4% on Monday.

The report said that even the recent surge in the price of bitcoin has not been able to attract new investors to it. The network exchange flow is also not showing that there are new active users added to bitcoin. Due to this, the price of bitcoin is not able to get any further push and it is hovering around the old price ($25 thousand) after falling again with a slight increase.

Talking about the current price of bitcoin, today, on Friday, August 26, its trade opening was with an edge. But, at the time of writing the news, it was showing in red color. According to the Indian exchange CoinSwitch Kuber, the price of bitcoin has lost 0.05% today. At the time of writing the news, it was trading at Rs 17,18,920. It remains to be seen what the trend of crypto prices will be till the end of the day.

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