Anchorage Digital, the prominent crypto bank, is experiencing significant developments that have caught the attention of the industry. The company has made substantial purchases of DeFi altcoins, attracting considerable interest. Additionally, an important Bitcoin trading transaction has not gone unnoticed.
Massive Altcoin Purchase Involving 13 Wallets
According to the blockchain tracking firm Lookonchain, Anchorage Digital has utilized 13 different wallets over the past month to acquire more than $49.4 million worth of MKR, the native token of Maker. The analysis by Lookonchain reveals that the company’s most recent purchases were made on Monday, using two newly created wallets to buy MKR tokens valued at $6.28 million from the Binance exchange.
Meanwhile, MKR has experienced a noticeable decline. As of the time of writing, the price of MKR has dropped by over 4%, reaching $2,693. Consequently, MKR’s market cap has fallen to $2.4 billion following the decline. Additionally, there has been a significant increase in the 24-hour trading volume, which now stands at $61 million after a 23% increase. This combination of a price drop and increased trading volume could be seen as a short-selling scenario.
How Much Is Bitcoin Now?
Lookonchain has also shared that during last week’s market correction, when Bitcoin’s price fell below $60,000, a major investor swiftly made a profit of $3 million after making a substantial Bitcoin purchase.
Currently, Bitcoin is trading at $61,188 following a 2% decline. Furthermore, Bitcoin’s market cap has dropped to $1.2 trillion, indicating one of the lowest volumes seen recently. The 24-hour trading volume for Bitcoin shows clear signs of uncertainty, with only a 0.5% increase, reaching $26 billion.
The market uncertainty may have been influenced by positive US data last week, as well as statements made by Federal Reserve officials.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.