Bitcoin news

Unknown whale swiftly moves $432 million worth of Bitcoin

Large entities have once again dominated the pioneering crypto, which has seen increased volatility due to price uncertainty.


We can see that a whale traded $432 worth of Bitcoin in block 716,573 some hours ago, at a time when Bitcoin is trading at $47K, using Bitcoin Block Bot, an advanced analytical tracker.

Whale investors (those with $10 million or more in Bitcoin) typically send cryptocurrency from exchanges when they want to store it for a long time.

Because this transaction was not transmitted to an exchange, it’s doubtful that this Bitcoin whale is looking for liquidity. For security concerns, they may be transferring this to another wallet.

The risk of theft is higher when storing large amounts of money on exchanges, as exchange wallets are the most popular targets for cryptocurrency thieves.

Read Also: Ikpeazu signs 2022 budget Of N147.28b

Thus, as these entities accumulate Bitcoin, its circulating supply is reduced, which pushes its price arbitrarily north.

With its current demand factored in, it is possible for BTC’s price to increase as its supply approaches 21 million in the future. It isn’t faring as poorly as it did during past drawdowns, but Bitcoin’s gains for 2021 remain impressive. In comparison to other swoons, it’s experienced, its 30% drop isn’t as dramatic.

At its low, Bitcoin was down more than 50% in mid-2021, which is even worse than the average decline from a record.

In a classic case of “crypto-to-the-moon” thinking, many investors expect prices to recover and eventually reach new heights in the future. Market volatility suggests this could happen either way.

READ MORE:  How to join legit bitcoin whatsapp group

Dear Reader,
Every day, we strive to bring the most accurate, up-to-date, and complete information to our readers like you. It requires money to produce good journalism. We're asking for your help today to help us do more. Your contribution ensures that Metro Times can continue to provide good journalism to people all over the world.  Donate or sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Union Bank Plc
Micnaij Media Ltd

Whatsapp: +234 701 162 0455

Leave a Reply