Movement of USD 9.6 billion from a Bitcoin whale and the GENIUS Act raise concerns about a possible correction
Cryptocurrency market observers warn of a possible correction as whales sell billions of dollars in bitcoins, even as the U.S. Senate passes three significant bills aimed at clarifying the regulation of digital assets.
A whale from the Satoshi era woke up after 14 years of inactivity and moved USD 9.6 billion in bitcoins
BTC
€101,171
, which it received in April and May of 2011, Cointelegraph reported on Thursday.
The whale may have chosen to sell due to concerns related to the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), as "the U.S. Government is taking steps to enforce auditing requirements for stablecoins," according to Jacob King, financial analyst and CEO of WhaleWire.
"That alone will burst the largest bubble and fraud in financial history: bitcoin. It is entirely backed by fake money printed from nothing," he wrote in a post on Friday on X.
