- A total of 1000 untouched Bitcoins from the past ten years were moved in a single transaction.
- Soon After the transfer of 1000 Bitcoins, the price of Bitcoin to take a nose dive to $7500 from $8000 within few hours.
A total of 1000 untouched Bitcoins from the past ten years were moved in a single transaction which might have prompted the price of Bitcoin to take a nose dive to $7500 from $8000 within few hours. This transaction occurred on the morning of the 11th of March.
The sender had accounted for 28 inputs on the input side with a total of 1000 Bitcoins to an output address bearing badge description as ‘3CU4AYJH23ePNnKsycinP5TSogCNGsyqCc’. After the transfer of 1000 Bitcoins in recorded time of 14 minutes on the Blockchain network; further 55 addresses were placed for the sending of Bitcoin from the previous address ‘3CU4AYJH23ePNnKsycinP5TSogCNGsyqCc’ which the Bitcoins might have passed on to different exchange platforms such as Coinbase, OKEx, Huobi and other leading exchange providers.
Bears Pulling Bitcoin Down
Given to the abrupt behaviour of the market value of BTC, the last two transactions on the network seem to be nothing but the transfer from the 28 inputs to the single address ‘3CU4AYJH23ePNnKsycinP5TSogCNGsyqCc’ might be considered the possible reason for Bitcoin’s’ behaviour, the transfer might have occurred to the Coinbase profile wallet.
The Bitcoin transferred to the Coinbase address were untouched or unmoved since the last ten years, and the BTC obtained was through mining previously ten years ago. The series of transactions that occurred were done by a single user who had kept the Bitcoin in a single wallet without any movement. This was the time exactly when the market value of Bitcoin plummeted from $8000 to $7500 in just hours. A noted Bitcoin wallet address bearing series ‘1MPbs4TYnHMbfAKqGmW6CVeoJGX44cMiDG’ stood out as it received 200 Bitcoins from the total of 1000 Bitcoins which might showcase that it might belong to Coinbase.
Bitcoin Whales Crashing the Market
The Bitcoin assets which have not been moved from a long time do not be necessarily lost or is out of the transaction. It is difficult to prove whether the Bitcoins’ large movement has influenced the market value. Though no certain reason behind the crash is concluded, this activity can only be considered as a possible reason as to why the huge fluctuations occur and Bitcoin’s sensitivity being unstable.