Bitcoin whale’s $9.6B transfer, GENIUS Act spark correction concerns
An OG Bitcoin whale’s $9.6 billion transfer and the stablecoin audit requirements imposed by the GENIUS Act are sparking correction concerns among some industry watchers.
Crypto market watchers are warning of a potential correction as whales offload billions of dollars in Bitcoin, even as the US Senate passes three major bills aimed at clarifying digital asset regulation.
A Satoshi-era whale awakened after 14 years of dormancy and moved $9.6 billion worth of Bitcoin (BTC), which he received in April and May of 2011, Cointelegraph reported on Thursday.
The whale may have opted to sell due to concerns related to the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, as the “US government moves to enforce audit requirements on stablecoins,” according to Jacob King, financial analyst and the CEO of WhaleWire.