Today, Bitcoin’s price has surged past the $72,000 mark. Analysts suggest this impressive rise is fueled by substantial capital inflows into Bitcoin ETFs and the upcoming U.S. election.
Many believe that the election outcome is likely to favor Donald Trump, who has recently shown support for cryptocurrencies. This has led to expectations of a positive market outlook should Trump be re-elected.
Ancient Whale Awakens After 12 Years of Dormancy
According to a report from the market tracking platform Lookonchain, an “ancient whale” dormant for approximately 12 years has reawakened, moving 159 BTC (worth over $11.3 million).
This whale began accumulating Bitcoin in 2012 when it was priced at just $11, purchasing around 749 BTC (valued at approximately $8,151 at the time). As of today, the whale’s holdings have reached a remarkable $53.32 million.
At the time of writing, Bitcoin is trading at $72,810, marking a strong 5,67% growth within the past 24 hours.
With the U.S. election drawing closer, analysts believe this may be just the beginning of a prolonged bull run for Bitcoin and the cryptocurrency market in general, potentially lasting through the end of 2025.
