Bitcoin transactions reached a peak on May 28, with over 367,000 BTC transfers totaling more than $25 billion. This surge indicates a significant increase in on-chain transaction value, providing valuable insights for traders. The value of Bitcoin transactions on that day exceeded $25 billion, showcasing the highest transactional activity witnessed throughout the year, underscoring the strength of the Bitcoin market. Blockchain.com reported a substantial movement of 367,000 BTC on May 28, reflecting a bullish sentiment in the market despite not surpassing the peak recorded in June 2022. Additionally, the price of BTC climbed to $69,374.17 on that day, boosting the total transaction value to approximately $25.5 billion. Even though the number of transactions on May 28 was lower compared to adjacent dates, the monetary value involved remained remarkable. Trading volume on crypto exchanges reached $200 million on May 28 as per Blockchain.com data. Noted trading analyst Peter Brandt offered positive forecasts, envisioning Bitcoin reaching $130,000-$150,000 by late 2025. Brandt drew parallels with past halving cycles, highlighting historical market patterns and potential sustained growth in Bitcoin's valuation.
Bitcoin Transactions Surge to $25 Billion Yearly Peak
by Giorgi Kostiuk
2 years ago
Other news
Aave Faces Major Crisis Following Kelp DAO Exploit
Aave is facing a major crisis due to a $293 million exploit at Kelp DAO, leading to a confidence crisis and significant withdrawals.
Aave's Borrowing Activity Collapses Post-Crisis
Aave's borrowing activity has dramatically declined post-Kelp DAO exploit, signaling a lack of confidence in the protocol.
Ethereum Market Sees Shift Towards Derivatives Trading
A significant divergence has been observed in Ethereum trading, with derivatives gaining dominance while spot market volumes decline.
Senate Banking Committee Moves Forward with Warsh's Nomination for Fed Chair
The Senate Banking Committee has advanced Kevin Warsh's nomination to succeed Jerome Powell as Fed chair.
Federal Reserve Maintains Steady Interest Rate Amid Global Economic Concerns
The Federal Reserve maintained its benchmark interest rate steady at 3.5% to 3.75% amid global economic concerns.
CLARITY Act Moves Closer to Senate Vote
The long-awaited CLARITY Act is nearing its final procedural hurdle in the Senate, with a vote expected in May.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter