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Home Markets Cryptos

Bitcoin whale moves 88,989 BTC worth $1 billion

Olumide Adesina by Olumide Adesina
August 5, 2020
in Cryptos
Investor moves $133 million worth of Bitcoins, suspected from Coinbase, World's biggest sovereign wealth fund now owns cryptos, Investors cashing in big time, as 95% BTC wallets are currently in profit, blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?, Buying signal; Bitcoin whales with 1000 BTC or more continue to rise
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BTC whales seem to be cashing in now on the world’s most valuable crypto asset.

Data obtained from BTCBlockbot, a crypto analytic tracker, “Whale alert! Someone moved 88,989 BTC in block 642,034” estimated to be roughly worth about $1 billion dollars, recently.

BTC whales have been moving large stacks of BTCs lately, triggered by the recent bullish momentum in the BTC market.

READ ALSO: How BTC Whales can push BTC market value to $1 trillion

Whale alert! ? Someone moved 88,989 BTC ($1B) in block 642,034 https://t.co/nolEdW7Dcp

— Bitcoin Block Bot (@BtcBlockBot) August 3, 2020

Why it’s happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is washed with cheap money coming from stimulus packages from global central banks, and global inflation hitting a record high. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

READ MORE: An all-time high 26,054,215 BTC wallets are smiling to the bank

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.

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As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. Meaning 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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Tags: Bitcoin whalesBTCBTCBlockbotcryptocrypto-tradersCryptocurrenciesCryptocurrency News

Comments 1

  1. Olusoji cephas eyitope says:
    August 6, 2020 at 1:06 pm

    Good information sir, but can you help someone like me? Thanks

    Reply

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