Bitcoin's price dipped below $60,000 in early May, triggering market-wide volatility. Yet, by mid-May, BTC had rebounded to around $66,000, fueled chiefly by spot market activity. On May 20, a dramatic price spike pushed Bitcoin past $70,000, stirring optimism and causing a notable uptick in exchange inflows. Transfer volumes fluctuated wildly, reflecting the community's trading frenzy. But what actions did the biggest Bitcoin holders take during this turbulent period? As large investors moved strategically, they...
Bitcoin’s surge above $70k sparked exchange inflows Bitcoin’s surge above $70k sparked exchange inflows
Bitcoin's price surge drove both high spot buying and selling volumes on exchanges, reflecting a market split between profit-taking and bullish accumulation.
4 min read
Updated: May. 22, 2024 at 4:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
