From Investing.com: 2024-06-12 19:00:24

Earlier this week, a massive amount of BTC was withdrawn from exchanges to cold wallets as the price of Bitcoin dropped by almost 5.5%. Whales moved over 14,140 BTC, equivalent to nearly $1 billion, from trading platforms. A dormant wallet that reactivated transferred 8,000 BTC to Binance, worth over $535 million.

Bitcoin surged by 5.77% to reclaim the $70,000 level, following a green candle on an hourly chart. Today, BTC grew by 3.29% after the release of lower than expected inflation data for May (CPI) at 3.3% versus the anticipated 3.4%. Despite a minor pullback, Bitcoin is currently trading around $69,700.

Read more at Investing.com: Almost Billion US Dollars in BTC Moved from Exchanges As Price Plunged 5.4% By U.Today