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Bitcoin Whales Are Alive: Mean Transaction Volume At 7-Month High

Published 07/05/2022, 19:37
Updated 07/05/2022, 20:10
© Reuters.  Bitcoin Whales Are Alive: Mean Transaction Volume At 7-Month High
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The world's first cryptocurrency Bitcoin (CRYPTO: BTC) is seeing its whales — cryptospeak for large holders — come to life, with mean transaction volume on its blockchain reaching a seven-month high.

What Happened: The seven-day moving average of Bitcoin's mean transaction volume just reached a seven-month high of 25.66 BTC — meaning that the average transaction processed over the last seven days would now be worth well over $923,000, according to Glassnode data.

See Also: How To Earn Free Crypto

The news follows reports that Bitcoin is refusing to realign its price with the stock-to-flow (S2F) model just as it reaches halfway to the next halving that will cut its inflation rate once again — now standing at just 35.6% of the price estimated by S2F. Despite this, adoption continues to grow with Horacio Rodriguez Larreta — the Mayor of Argentina's capital city and chief port Buenos Aires — currently looking to have the city adopt cryptocurrencies such as Bitcoin in the city.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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