U.Today - Prominent cryptocurrency tracker Whale Alert, which monitors large cryptocurrency transfers, has detected a large Bitcoin deposit made to Coinbase (NASDAQ: COIN ) Institutional, the branch of the largest U.S.-based cryptocurrency exchange that deals with financial institutions.

It happened while the world’s largest cryptocurrency, Bitcoin, staged growth large enough to push it above the $105,000 price level.

$52,933,217 in Bitcoin shifted to Coinbase

The aforementioned data source spread the word about a substantial amount of Bitcoin shoveled to Coinbase Institutional approximately four hours ago. The deposit carried 509 Bitcoins valued at $52,933,217 at the time of the initiated transaction.

The transfer was made from an anonymous wallet, and it likely constituted a sale. This transfer coincided with a price leg-up of roughly 1.5%, demonstrated today, as BTC surpassed the $105,000 level, nearing its January all-time high of $109,100 per coin.

Big driver fueling Bitcoin price surge

According to a report published by the on-chain data aggregator Santiment, the bellwether cryptocurrency went up in price, fueled by a recent development between the U.S. and China in the context of the trade tariffs imposed on almost all countries in the world. The biggest 150% fees were set up on Chinese goods entering U.S. markets.

Santiment reported that Bitcoin jumped above $105,000 as the U.S. and China have announced that an agreement has been reached, and more details will be revealed later today. Aside from Bitcoin, altcoins have also began to rally, with Ethereum surpassing the $2,500 mark. Stock markets are also in the green zone now since traders now expect that Trump’s tariffs will no longer be a hurdle holding back their investments.

However, Santiment added that this could in fact be only the framework of a deal discussed in Geneva over the weekend, and this is not a complete/executed deal yet. The data company urges traders to wait for an official announcement from U.S. President Trump on that matter.

Last week, Bitcoin soared above $104,000 from the $96,140 level as the Federal Reserve announced its firm decision to maintain the current level of interest rates without either raising or cutting them. This was taken by traders and investors as clearly a positive sign.

This article was originally published on U.Today