A significant Bitcoin transaction was recorded on Sept. 2 when an investor purchased 1,000 BTC for $57.3 million.
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This whale purchase marks the second time in four days that 1,000 Bitcoin btc3.01%Bitcoin were acquired on Binance, bringing the total accumulation to 2,000 BTC. The investor currently holds 8,559 BTC, valued at $490 million.
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The increase in Bitcoin holdings coincides with Bitcoin’s price dropping by nearly 8% over the past week as the markets enter September. Bitcoin briefly touched $61,000 on August 29 before slumping and almost touching $57,000 on Sept. 1.
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Historically, Bitcoin has experienced losses in six out of the last seven September months, with average losses of around 4.5% during those years.
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Bitfinex analysts warn that Bitcoin could drop by up to 20% as the Federal Reserve’s upcoming interest rate decision introduces uncertainty.
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The price of Bitcoin btc2.67%Bitcoin might be on the verge of a 20% decline, as Bitfinex analysts warn that the cryptocurrency’s future is highly contingent on this month’s Federal Reserve interest rate decision.
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In a research report published on Sept. 2, the analysts attributed Bitcoin’s recent 32% surge to speculation of a dovish Fed stance. However, they note that the anticipated rate cut could “significantly influence both Bitcoin’s short-term volatility and long-term trajectory.”
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The analysts further warned that a more “aggressive” 50 basis point cut might cause an immediate price spike but could be followed by a “correction as recession concerns escalate.”
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In the past week, market dynamics have shifted. Spot holders are de-risking now, the analysts say, adding that perpetual market speculators are attempting to “buy the dip,” which can be seen in “significant long open interest on BTC perpetuals.”
Cardano has experienced a drop in price despite the Layer-1 blockchain completing its highly anticipated Chang upgrade.
The Chang hardfork introduces key changes to Cardano, including on-chain voting, Delegate Representatives, enhanced smart contract capabilities, and a new governance structure with cost model improvements. ADA holders can now vote directly on governance issues or delegate their voting power to trusted representatives.
At the time of writing,
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Cardano ada1.58%Cardano was down 2.7%, exchanging hands at $0.3335 per price data from crypto.news. The crypto asset’s daily trading volume hovered around $307.4 million while its market cap stood at $11.75 billion.
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The latest drop in price comes as, in the past 24 hours, Cardano saw liquidations totaling $731.46K, with the majority being long positions at $698.32K, while short positions accounted for $33.14K. This suggests considerable selling pressure as the token remains in a downtrend.