Cryptocurrency
BTC whales on the rise, as COVID-19 changes Bitcoin’s status quo
Bitcoin Whales are generally BTC market players with high amounts of BTCs in the Bitcoin market.
Despite Bitcoin’s failure to break an important resistance level, as observed since the beginning of June, data from Santiment Research Company shows that the number of BTC whales have continued to go up.
Roughly 67 new addresses containing 100 to 1,000 BTC have joined the network since June 3.
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Despite the erratic price behavior seen since the beginning of the month, data from @santimentfeed reveals that the number of $BTC whales continues trending up.
Roughly 67 new addresses containing 100 to 1,000 #BTC have joined the network since June 3. #Bitcoin pic.twitter.com/82BiRMoSYE
— Ali Martinez (@satoshilatino) June 12, 2020
Bitcoin Whales are generally BTC market players with high amounts of BTCs in the Bitcoin market. The BTC whales usually have 100 BTC or more.
READ ALSO: Halving: Bitcoin whales gather more BTC, waiting for bullish run
Why these are important: As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Meanwhile, as countries around the world continue to feel the impact of the coronavirus pandemic, global central banks are printing more money in a bid to stimulate economic activities. These measures have undoubtedly lowered the value of fiat currency.
To gain a better understanding of COVID-19’s impact on Bitcoin, Yoni Assia, CEO of eToro, explained in detail how the world is turning to Bitcoin since the pandemic caused a severe global financial market downturn. He said:
“Since measures were announced by the Federal Reserve to introduce unlimited quantitative easing in an attempt to stem the downward spiral of global economies, many investors have turned to Bitcoin as a hedge against a depreciating dollar.”
READ ALSO: Bitcoin: Nigeria’s new goldmine
Wayne Chen, CEO of Interlapsen, said that bitcoin’s status had changed to become a safe haven asset, “The coronavirus has undoubtedly supported Bitcoin as a safe haven and a store-of-value asset. During any economic uncertainty, people immediately divert to alternative assets such as gold, and now Bitcoin to prevent currency erosion.”
Cryptocurrency
$100,000 bounty offered to catch crypto hacker
Harvest Finance, a major decentralized finance protocol, has recently tagged a $100,000 bounty as a result of a $24 million attack.
Harvest Finance, a major decentralized finance protocol, has recently announced a $100,000 bounty, as a result of a $24 million attack targeting its liquidity pools.
In a recently released tweet seen by Nairametrics, Harvest Finance disclosed there is enough data so far to identify the attacker, “who is well-known in the crypto community.”
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“Also, for the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.
“We are putting out a 100k bounty for the first person or team to reach out to the attacker,” Harvest Finance tweeted.
READ: Crypto exchanges with most valuable crypto-assets in the world
Why it’s happening
Harvest Finance’s $100,000 bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).
Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”
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The report reads,
“We are working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools and will update this thread in realtime as soon as additional details are available.
“The economic attack was performed through the curve y pool, stretching the price of the stablecoins in Curve out of proportion and depositing and withdrawing a large number of assets through harvest.
READ: Big entity transfers 51 million TRX
“To protect users, we’ve pulled y pool and btc curve strategy funds to the vault
“At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.
“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”
READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84
What you should know
Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.
Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing,; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.
Cryptocurrency
Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58
A Whale is said to have moved 88,857 BTC, worth roughly $1.15 billion for a fee of only 0.00027847 BTC.
Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.
According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.
READ: Two Bitcoin whales transfer 4,503 BTC, as Bitcoin stays above $11,400
What you should know
- Bitcoin, at the time of this publication, traded at $13,085.43.
- With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours.
- It has a circulating supply of 19 million coins and a max supply of 21 million coins.
READ: Crypto: REN, LEND and KNC emerge best performing DeFi assets
That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
Explore Data on the Nairametrics Research Website
- That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation. - Bitcoin accumulation has been on a constant upwards trend for months.
- 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
READ: Large entity moves Bitcoins valued $244 million
What this means
Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
Cryptocurrency
Large entity moves Bitcoins valued $244 million
BTC whale moved about 18,901 BTC estimated to be worth about $244million, some hours ago.
As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.
Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.
READ: 5 major reasons it’s good to buy Bitcoin
READ: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) October 25, 2020
READ: PenCom okays N2.58billion for relatives of 591 deceased workers in three months
Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
Explore Data on the Nairametrics Research Website
What this means: From a macro level, the increase in the number of these large entities can be considered bullish.
- At the time this report was drafted, Bitcoin was still trading around the $13,000 support levels, as investors have kept buying BTC at its support levels.
- Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
READ: Two strange Bitcoin whales transfer $290 million worth of Crypto
Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
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