Bitcoin’s price hit a peak at $73,777 and has not surpassed it since. Although it dropped below $57,000 last week, causing losses in altcoins, the entry of ETFs on Friday brought some optimism. In the last 24 hours, there have been some important developments in the crypto market. So, what can investors expect now?
The current state of the crypto market is influenced by the Securities and Exchange Commission (SEC) sending a Wells Notice to the Robinhood platform for offering unregistered crypto services. This indicates that the SEC intends to sue the company. The impact of this announcement on today’s ETF optimism remains to be seen, as it was made before the US markets opened.
However, it has become common for the SEC to sue many companies in the region. While this used to be seen as a death sentence for companies, ongoing lawsuits have shown that the SEC’s power is not as strong as it may seem. This is possibly why the BTC price has not experienced significant losses for now.
In other news, a dormant whale address from the time when Satoshi Nakamoto was still active has suddenly become active. The address, which held 687 BTC ten years ago, recently transferred the assets to two new addresses. This awakening of dormant Bitcoin addresses is not uncommon, as a Fortune report reveals that there are a total of 1.75 million Bitcoin wallets that have been inactive for over a decade. The value of assets in these inactive wallets amounts to a staggering $121 billion.
Furthermore, the Bitcoin network has achieved an important milestone by processing its billionth transaction after 15 years. This marks a significant moment in the network’s history, as it continues to grow and expand. With an average of 178,475 transactions occurring daily, the network has surpassed the 1 billion threshold.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.