- For a short moment on Friday, it briefly crossed the $40,000 level.
- Bitcoin’s and crypto’s overall volume has remained stable this week.
After beginning to move huge sums of the crypto asset, the transfer activity on the crypto network has experienced a significant increase. On February 19, about 2,400 Bitcoins were transferred from Coinbase to unidentified wallets.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 2,400 #BTC (95,714,659 USD) transferred from #Coinbase to unknown wallethttps://t.co/bZtjN3mtgB
— Whale Alert (@whale_alert) February 18, 2022
The transfer was completed on Friday, February 18, 2022, at 23:01:40 UTC, according to data released by blockchain surveillance and analytics company Whale Alert.
Hovering Around $40K Psychological level
A recent sell-off on escalating Russia-Ukraine tensions and Canadian crypto legislation has shown no indication of subsiding, and Bitcoin (BTC) plummeted below $40,000 on Saturday. For a short moment on Friday, it briefly crossed the $40,000 level, having fallen more than 10% from a five-day high earlier this week. Although some experts believe it will continue to depreciate this month, others believe it will rise.
However, it was also a day that saw the currency fall below its 50-day moving average. Following a warning from the United States that a Russian invasion of Ukraine is imminent, the cryptocurrency markets have taken a nosedive. Coinciding with the continuing trucker demonstrations in Canada, the threat of harsher government rules shook markets. The crypto community was outraged by the decision.
Bitcoin’s and crypto’s overall volume has remained stable this week. However, even in the bear market, the number of Bitcoin users has steadily increased, suggesting that a rapid comeback is in the works. Earlier this year, the value of the cryptocurrency market had fallen by 30 percent to $1.5 trillion due to fears about inflation and interest rate rises in the United States. It has now recovered some of its losses but is still down approximately 19 percent for the year.
