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- Bitcoin or BTC worth $466,510,721 just has been sent off Coinbase by an anonymous Bitcoin Whale.
- Bitcoin “Whale” are typically investors who possess $10 million or more in BTC. By holding such a vast amount, they also get the power to manipulate the valuation of a cryptocurrency.
- A Bitcoin “Whale” generally sends cryptocurrency from exchanges when they intend to hold their investments for a more extended period.
A Bitcoin whale just dispatched Bitcoin worth $466,510,721 off Coinbase. The BTC address linked with this transaction has been recognized as:
1P7eZqMTJaSWYwCF3eUXDn5rwQVS4YVtB6.
Why Does It Matter?
Investors who hold large amounts of coins of a crypto asset in BTC are known as Bitcoin whales in the crypto world. Since they hold such huge amounts of coins, they also acquire enough power to manipulate the valuation of the particular cryptocurrency, which often results in price volatility.
Generally, whales put a massive sell order that is lower than the rest of the sell orders in the market, which adds to the volatility in the market, following the prices fall and panic chain reaction.
When Bitcoin “Whales” (investors who own $10 million or more in BTC) plan to hold their investments for an extended period of time, they typically send crypto assets from exchanges. However, there is an additional risk of theft in storing large amounts of money on the exchange since exchange wallets are the biggest target of cryptocurrency hackers.
Holding Bitcoin on a hardware wallet is the best way to secure it. However, it can’t be done by holding crypto assets on an exchange.
Hardware wallets keep one’s private keys in an offline device, thus protecting funds from hacks via the internet.
Around 13.48% of the total supply remains liquid across all centralized exchanges, according to Glassnode.
Removing BTC from an exchange lowers potential sell-side pressure enabling the Bitcoin price to increase effortlessly.
Bitcoin is the leading cryptocurrency, according to CoinMarketCap.Bitcoin price today stands at $47,160.43 with a live market cap of $892,117,852,010 and a 24-hour trading volume of $35,466,758,174 USD.
Bitcoin has been down 2.66% in the past 24 hours at the time of writing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
