Bitcoin dipped slightly below $109,000 last Friday, causing a minor ripple effect across the crypto market. This dip happened right as some significant activity shook things up.
Dormant Bitcoin Wallets Awaken
Two massive Bitcoin wallets, inactive for years, suddenly moved a combined 20,000 BTC – that’s roughly $2.18 billion! One wallet, holding 10,000 BTC bought back in 2011 for just $7,805 (when Bitcoin was only $0.78!), cashed out its entire stash. That’s a return of 140,000 times the original investment! Shortly after, another wallet moved another 10,000 BTC. While it’s unclear if the same person controls both wallets, the timing certainly raised eyebrows.
Crypto Week on Capitol Hill
Meanwhile, the US is gearing up for “Crypto Week” (July 14-18), where lawmakers will be reviewing three major crypto bills:
These bills aim to create clearer rules for the crypto market, focusing on things like stablecoins and preventing government overreach. The hope is to create a better regulatory framework, but some worry this debate could create more market volatility.
Bitcoin’s Current State
Bitcoin briefly went above $109,000 before settling around $108,700. It’s still close to its all-time high of around $112,000. Despite this, investors remain somewhat cautious due to global economic factors like rising interest rates, banking concerns, and geopolitical tensions. However, Bitcoin ETFs and some corporations are still buying up Bitcoin.