Whale Activity Surges Post-Fed Rate Cut: Bitcoin, Stablecoins, Altcoins Surge
- Whale transactions in Bitcoin, Ethereum, and stablecoins surged after the U.S. Fed’s interest rate cut.
- Altcoins like STG, GMX, and GALA saw sharp increases in whale activity, signaling potential price movements.
- Bitcoin broke into the $62K range, with analysts predicting further gains amid renewed market optimism.
Whale activity in major cryptocurrencies, like Bitcoin and top stablecoins, is increasing following the U.S. Federal Reserve rate cut. These large transactions have placed some altcoins like STG, GMX, BIGTIME, OGN, GALA, and PIXEL on the radar of analysts.
Big Bitcoin Moves
A few hours ago, 2,000 BTC worth $120.6 million and 2,372 BTC worth $143.6 million were transferred between unknown wallets. Around the same time, Bitcoin, worth over $114 million, was moved out of Coinbase to a private wallet.
Ethereum also saw significant movement, with most whale transactions involving transfers of ETH to various exchanges, likely for sale.
Stablecoins See Action Too
Meanwhile, stablecoins have also seen notable whale transactions. Coinbase’s institutional entity transferred $65 million USDC to an unknown wallet less than six hours ago. At …
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Burgers and Bitcoin: Donald Trump Demonstrates Support for BTC at NYC Bar
The presidential candidate reiterated his support for digital assets on Sept. 18 by treating his supporters to burgers at a New York bar and paying with BTC.
Trump entered a crypto-themed venue called PubKey in Greenwich Village where he was met with applause from Bitcoiners and supporters.
“Who wants a burger?” he asked before spending almost a thousand dollars on burgers for those in the bar, reported Bloomberg.
Burgers and Bitcoin
Co-founder of PubKey, Drew Armstrong, said that Trump paid for the food using the Strike payments app which is built on the Lightning Network, and the venue received the BTC using the Zaprite app.
In the room where it happens. pic.twitter.com/vlNOWtB1fU
— PUBKEY (@PubKey_NYC) September 18, 2024
The Republican presidential candidate has been appealing to crypto holders and investors, which comprise a considerable vote-base in the United States. “Bitcoin is really happening,” he said at PubKey.
Another co-founder of PubKey, Thomas Pacchia, said Trump’s presence at the venue was “huge, iconic,” and influential for BTC, adding “A former president, a potential future president, this is a real coming of age for the Bitcoin community.”
He added that the transaction was the first time a former US president has used Bitcoin to purchase goods or services. Nevertheless, Democrat supporters outside the venue blasted Taylor Swift songs in protest.
NEW: Donald Trump buys burgers as his first Bitcoin purchase at a crypto-currency-themed bar in New York City before handing them out.
Trump paid for food at the crypto-themed Pubkey bar for the entire restaurant.
The campaign stop comes before Trump is set to hold a… pic.twitter.com/0oAFSHgZCB
— Collin Rugg (@CollinRugg) September 18, 2024
Trump was on his way to a rally in Long Island, where he said he was serious about winning the state of his birth, which has voted Democrat in every presidential election since 1984.
As the election in early November nears, it is expected that Donald Trump will further emphasize his support for Bitcoin and the crypto industry to counter his Democrat rival, Kamala Harris, who has said very little on the subject.
Harris Edges Ahead
The Trump-themed memecoin MAGA (TRUMP) jumped 6.5% over the past 12 hours to reach $2.13 at the time of writing. However, the asset has been battered over the past seven days, dropping 25% since the same time last week.
Additionally, Trump officially launched his long-anticipated DeFi project, World Liberty Financial (WLF), through a live X Space event on Sept. 17.
National polls from FiveThirtyEight currently have Harris leading Trump by 48.5% to 45.2%. Moreover, Polymarket also has the Democrat candidate ahead.
Kamala Harris’ lead in the odds is up to 4%. pic.twitter.com/jtsbENKpeZ
— Polymarket (@Polymarket) September 18, 2024
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4 Things That Could Further Impact Crypto Markets in The Week Ahead
