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Whale Alert: 15K Bitcoin Traded Post Recent Rally

The bitcoin price rose to $20,764 in the last 24 hours. The reason for the surge is increased whale accumulation, better macroeconomic circumstances, and a fall in the US dollar index.

Bitcoin is now trading at $20,764 after an 8% increase in value over the last 24 hours. The BTC price has crossed the $20,000 threshold, and the “whales” (large investors) have traded about 15,000 BTC in the last 24 hours. The platform has seen eight whale transactions, moving nearly 10,000 BTC. In the most recent transaction, a whale took out 1,389 Bitcoin, valued at about $29 million.

One of the transactions included the transfer of about 5,444 BTC from one wallet address to another. Additionally, the transaction details reveal an additional transaction of 969 BTC to the wallet address.

“Whales” took out huge amounts of bitcoin from cryptocurrency exchanges for multiple reasons. A supporter of cryptocurrency, Rishi Sunak, was elected prime minister of the United Kingdom, and parliament was in favor of treating Bitcoin and other cryptocurrencies as regulated financial instruments. Sunak aims to transform the United Kingdom into a global center for the crypto industry.

The US Dollar Index (DXY) dropped by about 0.70 percent on the previous day to 110. Moreover, the next FOMC meeting will be held on November 2, and the CME FedWatch Tool has estimated a 95.7% chance of a 75 bps rate rise. Consequently, the favorable macro circumstances encouraged whales to hoard Bitcoin while prices were low.