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- In a single transaction, $ 875,708,664.00 of Bitcoin was transferred between two anonymous cryptocurrency wallets
- This Bitcoin whale is unlikely to be asking for cash because this transaction was not routed to an exchange
- According to Blokchain.com, the total value of Bitcoin moved from one account to another is $993,191,088
In a single transaction, $ 875,708,664.00 of Bitcoin was transferred between two anonymous cryptocurrency wallets. The Bitcoin wallet address for this unknown individual is bc1qrl3le9ckafye9fwdu485d26xx4uyhcrzly9q4p. With the Bitcoin wallet, $ 875 million in Bitcoin was transmitted to an unknown recipient. Whales in the cryptocurrency market that control millions of dollars in Bitcoin have a tendency to move markets on their own. The impact on the market if the whale decides to exit this Bitcoin position might be enough to drive the price of BTC down. To drop the price of Bitcoin by 2% on any particular exchange, it needs roughly $ 15-30 million in selling pressure.
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This Bitcoin whale is unlikely to be asking for cash because this transaction was not routed to an exchange. For security considerations, they can instead transfer this to another wallet. There are 494,744.00 Bitcoin wallets containing more than $100,000 in BTC, according to Glass node. Bitcoins, the world’s largest and most valuable cryptocurrency, have been moved from a mystery crypto wallet to an anonymous wallet worth about $1 billion. Between two anonymous wallets, at least 15 Bitcoins were moved. Crypto whales, or accounts holding such vast amounts of bitcoin, have the capacity to influence or even control the value of the cryptocurrency.
According to Blokchain.com, the total value of Bitcoin moved from one account to another is $993,191,088. 1 Bitcoin is currently selling for $59,953.290, down from an all-time high of $67,582.60 just over a week ago. The actual aim of the transfer is unknown at this time; but, if such a large quantity of money were sold all at once, it may cause Bitcoin values to plummet, at least in the near term. According to Benzinga, it just takes $15 million (approximately Rs 111 crores) to $30 million (about Rs 223 crores) of sell pressure to drive the price of Bitcoin down 2% on any cryptocurrency exchange.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
