Dormant wallets, especially those holding large amounts of Bitcoin, are often tied to early adopters or miners who acquired or mined BTC at a time when the cryptocurrency was worth just a fraction of its current price.
Oil prices held on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China.
The more immediate boost came from China, where authorities are reportedly considering injecting up to 1 trillion yuan into the country’s largest state banks to help revive the struggling economy.
Bitcoin’s price fell on Thursday, stalling below key levels as cryptocurrency markets were pressured by a rebound in the dollar before more cues from the Federal Reserve in the coming days.
Bitcoin’s price rose on Wednesday as persistent cheer over global monetary easing spurred more flows into risk-driven assets, with the world’s biggest cryptocurrency now in sight of a major breakout.
The world’s biggest cryptocurrency had risen after the Federal Reserve cut interest rates last week and announced the start of an easing cycle, with lower rates presenting better prospects for crypto.
Bitcoin’s price rose on Thursday after the Federal Reserve cut interest rates by a wide margin and signaled the beginning of an easing cycle, although further gains were limited by a less dovish outlook.
Bitcoin’s price rose on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.
The token recouped some of last week’s losses, but still remained largely within a trading range established through most of this year, as retail interest in crypto dwindled and hype over the launch of spot-Bitcoin exchange-traded funds died down.
Bitcoin’s price rose on Thursday, tracking a broader rally in risk-driven markets, particularly stocks, although the cryptocurrency still remained fragile following steep losses through the prior week.
