Bitcoin whales show no signs of slowing down accumulation, even over the weekend

Quick Take Whales have been active over the weekend, continuing their aggressive Bitcoin accumulation. Approximately $250 million worth of Bitcoin has been pulled from exchanges on Friday and Saturday.

Timeline of Bitcoin

According to cryptocurrency investment company Grayscale, Bitcoin $28,590 Ordinals, also known as Bitcoin NFTs, might rekindle developer interest in Bitcoin and increase mining costs. The business argued in an April 27 “Market Byte” blog post that Ordinals give two significant advantages to the growth and development of the Bitcoin ecosystem.

The Bitcoin landscape is pulsating with activity as daily transaction counts surge toward record highs in 2023. On 30 April 2023, blockchain analytics firm Glassnode stated that “Bitcoin daily transaction counts are nearing record highs, experiencing a significant surge in 2023.

Concealed amidst the grandeur of the Himalayas, Bhutan, the quaint nation, harnesses its plentiful hydroelectric capabilities, comprising 30% of its GDP, to electrify the households of nearly all its 800,000 inhabitants.

Bitcoin's (BTC) price has been the subject of intense discussion among crypto enthusiasts recently, with the leading cryptocurrency fluctuating between $27,000 and $31,000 in the past month, following a promising start to the year. As we approach a critical juncture in the market, a variety of experts have been consulted to provide their insights on the matter.

Bitcoin Legal Defense Fund (BLDF) recently delivered on its promise to fund the legal costs of 11 Bitcoin developers that are the target of the self-proclaimed Bitcoin inventor Craig Wright's lawsuit. According to Alex Morcos, the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.

Bitcoin has been experiencing a remarkable resurgence in 2023, with daily transaction counts nearing all-time highs. The rise of inscriptions has played a crucial role in this development, making it essential for analysts to determine the extent to which inscriptions are driving this growth compared to monetary transfers.

The turmoil in the banking sector shows no signs of abating as another major bank faces mounting challenges. With deposit levels dropping rapidly and regulators expected to step in, the situation has only intensified in recent days.

Recently, Block Company, a financial and technology firm, announced the completion of a prototype design for its new Bitcoin (BTC) mining chip. The chip, which operates at five nanometres (5nm), will be the main component for supplying and decentralizing Bitcoin mining rigs.

The Bitcoin and crypto market is in for what could be the most important week of 2023 so far. While all eyes are on the Federal Open Market Committee (FOMC) meeting on Wednesday, this week is once again packed with plenty of crucial macro data.

Seasoned trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin (BTC) collapse, believes that the king crypto is set to outperform all other digital assets. Brandt tells his 696,000 Twitter followers that he's keeping a close watch on the Bitcoin dominance chart (BTC.