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Sep 18, 2023 16:35

Major investors are holding onto Bitcoin despite its price decline.

During a speech in Jackson Hole, Federal Reserve Chairman Jerome Powell promised to keep inflation at 2%. In light of this, the Fed Chair suggested that the central bank is prepared for further interest rate hikes until inflation approaches the target level.
Following this speech, Bitcoin dropped to $25,942, declining by 0.5% in 24 hours. Major stock indices also followed a downward trend due to the possibility of further tightening by the central bank.
However, faith in Bitcoin as a reliable store of value continues to grow. A recent surge in crypto whale activity confirms sustained interest in the cryptocurrency from wealthy individuals and large organizations. Transactions exceeding $100,000 are averaging 57,400 transactions per week.
All of this reduces the supply of BTC on exchanges, and currently, Bitcoin supply on exchanges has decreased to levels not seen in nearly 6 years. The catalyst for this process was the difficulties faced by the leading cryptocurrency exchange, Binance, from which investors withdrew around 5,000 BTC worldwide in just one minute.
In such conditions, the law of supply and demand comes into play, which often exerts upward pressure on the asset's price. The combination of these factors can pave the way for a new bull rally, examples of which have occurred in the past.
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