Whale Moves Over $18 Million Worth Of BTC As The Price Of Bitcoin Inches Towards $6,100 USD

Whale Moves Over $18 Million Worth Of BTC As The Price Of Crypto King Moves Beyond $6,000

Bitcoin, known as the ‘crypto king’ is enjoying a great ride this year. However, despite having a considerable increase in the market, lots of hacking activities still put a stain on its image – the recent Binance hack for instance. Bitcoin, at the moment, is edging towards the bull side and the whales seem to know about this.

On May 9th, a Bitcoin whale recently moved over $18 Million worth of BTC from Bittrex to an unknown wallet; this was according to a report by WhaleAlert.

The transaction involved 2990 BTCs (more than $18 Million) to this unknown wallet address: 36DQqc3ct7NqjN9oP8gPNmHdBpih3Qt45Y. It is necessary to know that the transaction had a stamp and hash of 5:38:33 and 700dca3ee579d15d86f2955d2f6cf8edcef8dae93844c16712698a4d0d66c5ea. The transaction was successful with 38 drops to the unknown wallet. Bitcoin fees are often inequitable to how much the user should be paying to actualize the transaction. This mismatch is actually since bitcoin wallets from users usually estimate wrongly to the estimated fee.

Although this transaction worth $18 million from one wallet to another is not a small one, it can be compared to the transaction that occurred on the 10th of Jan. 2019. On that day a total of 130,004 BTC ($742,972,860.00) was moved to this address: 385cR5DM96n1HvBDMzLHPYcw89fZAXULJP. As at now, the 130,004 BTC ($742,972,860.00) transaction remains the second largest transaction ever done on Bitcoin – the largest one involved 500,000 BTC, and it happened on the 16th of November 2011.

Further theories float on Twitter at the moment on who made and actualized the transaction of the 2990 BTC. The BTCs in the address showed a pattern of movement from one address to the next one with no tangible reason.

The movement of this substantial amount of BTCs in the last few hours came at the time when the cryptocurrency breached the $6,000 mark in the crypto market. At the same time, the total market capitalization surpassed the $100 billion mark after almost five months.

Lots of crypto enthusiasts have piped Bitcoin to surpass its present stance and move higher; many of them also stated that the bear market is over and it’s time for the bulls to take over. One Bitcoin expert, even the CEO of Adamant Capital, Tuur Demeester, stated this: “I am not ready to say yes, that we are in a new bull market, but I do definitely think that we are in the last phase of the current bear market.”

Bitcoin Whales Mount Up

In the crypto market these days, the activity of the whales are accumulating as four days ago (May 4th, 2019) another whale moved $230 Million from one account to another – seems like whales are mounting up. According to a technical report, a hundred bitcoin wallets that are prominent today have accumulated 150,000 more bitcoin.

It is necessary to keep in mind that these whales are getting more vibrant by moving cryptocurrencies from one wallet to another; many of these cryptos belong to exchanges, keeping mere crypto spectators in awe.

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