Bitcoin Surpasses $73,777, but What’s Next for Investors?
The price of Bitcoin recently reached an all-time high of $73,777, a significant milestone that has yet to be surpassed. However, last week saw a drop in BTC value, falling below $57,000, which resulted in substantial losses for altcoins. Fortunately, the entry of ETFs on Friday provided a much-needed boost of morale. So, what important developments have occurred in the last 24 hours? And what can investors expect moving forward?
Current State of Crypto Markets
In a notable turn of events, the SEC has sent a Wells Notice to the Robinhood platform for offering unregistered crypto services, indicating their intention to file a lawsuit. This pre-lawsuit notification serves as a warning to the opposing company. It remains to be seen how this announcement, made prior to the opening of US markets, will impact the optimism surrounding ETFs today.
On the flip side, it has become common for the SEC to sue numerous companies in the region. While it may have seemed like a death sentence for companies in the past, ongoing lawsuits over the years have proven that the SEC’s power is not as formidable as once believed. Perhaps this is why the BTC price has not experienced significant losses thus far.
Bitcoins Awaken After 10 Years
A dormant whale address from the time when Satoshi Nakamoto was actively involved in Bitcoin has suddenly come to life. This address, which held 687 BTC for the past decade, recently transferred the assets to two new addresses on May 6. The wallet initially moved 625.43 Bitcoins to an address starting with bc1qky, and the remaining 61.9 BTC to bc1qdc.
According to a report by Fortune, there are a total of 1.75 million Bitcoin wallets that have remained inactive for over a decade. Investors who purchased Bitcoin when it was still in the double digits now find a significant portion of their assets lying dormant. The combined value of assets in these inactive wallets amounts to a staggering $121 billion. Consequently, a substantial portion of the maximum supply of 21 million Bitcoins, specifically 1,798,681 BTC, is currently out of circulation.
1 Billion Transaction Milestone
After 15 years, the Bitcoin network has achieved a significant milestone by processing its billionth transaction. This achievement comes 15 years, four months, and four days after Satoshi Nakamoto launched the network’s first block on January 3, 2009. On average, a staggering 178,475 transactions occur daily, surpassing the monumental 1 billion threshold.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors must be aware of the high volatility and associated risks of cryptocurrencies and should conduct thorough research before making any investment decisions.
