Bitcoin Transfers and Market Recovery

Crypto tracking platform Whale Alert reported that in the past 24 hours, a massive amount of Bitcoin, estimated to be around 10,205 Bitcoins, was transferred to a completely new wallet without a registered owner.

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Meanwhile, in the past 24 hours, the leading digital currency in the market managed to recover over 4% of its recent losses and is now trading above $26,500.

The new unidentified Bitcoin whale now holds $261 million worth of cryptocurrencies, according to Whale Alert. A total of 10,205 Bitcoins, valued at $261,322,181, were moved from one unknown wallet to another. The tracker confirmed that the receiving wallet was new, indicating that it was recently created. This could suggest a purchase or organization of a digital wallet by one of the whales.

The significant transfer of Bitcoin coincided with a rebound in its price after the major drop at the end of the previous week. The cryptocurrency market was shaken due to news of the Securities and Exchange Commission (SEC) filing lawsuits against two crypto giants, Binance and Coinbase, accusing them of violating US securities laws.

Bitcoin reacted immediately to the SEC's actions, dropping by 4.45% and reaching $25,502. Later on, it experienced another 4% decrease after the release of the Consumer Price Index report (although it came out better than analysts expected).

Currently, the price of the leading digital currency has risen above $26,500, driven by news that the world's largest asset manager, BlackRock, has filed for a Bitcoin ETF, with Coinbase as the custodian. Following Bitcoin's lead, the entire cryptocurrency market has also begun to recover.

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