A cryptocurrency wallet address that has gained fame for its impressive trading profits has recently made a new investment in Bitcoin (BTC). This development has caught the attention of investors who have doubts about the recent price recovery of BTC.
The wallet address, known as “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN,” purchased 245 BTC, equivalent to approximately $16 million, increasing its total Bitcoin holdings to 248 BTC. This information was reported by Arkham Intelligence and Blockchain researcher Lookonchain. For the latest financial and business news, visit COINTURK FINANCE.
This transaction is notable due to the wallet address’s history of highly profitable trades. In the past year, the wallet address has earned $30 million by buying BTC at low prices and selling them when the trend peaks. For example, over a five-month period until mid-December 2023, the wallet address purchased 718 BTC at an average price of $29,385 and sold them for $41,953, resulting in a profit of $9 million. From February to June, it continued this upward trend and earned $21.2 million.
This recent investment by the wallet address demonstrates renewed confidence in the price of Bitcoin. As we know, the largest cryptocurrency by market value has risen from $53,500 on July 5 to $64,500. This recovery is attributed to positive political developments in the US and an increased demand for BTC as a safe-haven asset.
Pedro Lapenta, research director at Hashdex, provided further insights into recent market movements. He highlighted that the assassination attempt on Republican candidate Donald Trump on July 13 had a dual effect on Bitcoin’s price. As Trump is seen as a pro-crypto candidate, his increased chances of winning the election led to a positive market reaction. At the same time, this event increased global instability, causing Bitcoin, often considered a risk-averse asset, to rise by over 10% and surpass $63,000 in price.
The combination of political developments and investor actions is highly reassuring for those who believe in the potential of Bitcoin. The significant investment made by this highly profitable wallet address indicates that experienced investors remain optimistic about the future of BTC. This confidence, particularly during periods of political and economic uncertainty, may encourage other investors to view Bitcoin as a suitable investment.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. It is recommended to conduct thorough research before making any investment decisions.
