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Bitcoin whale transfers 92,857 BTC worth $1.1 billion

BTC whales have shown historically that they often determine the BTC trend.

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BTC, Bitcoin, crypto, Unknown entity transfers $166 million worth of Bitcoins

Data obtained from Whales Alert, a crypto analytic tracker, shows that a Bitcoin whale has moved 92,857 BTCs valued around $1.09 billion. The BTCs were transferred from one unknown wallet to another unknown wallet, on Thursday.

Note that BTC whales are on the rise as Bitcoin approaches the $12,000 price level.

Data obtained from Coin360, another crypto analytic firm, have shown that the flagship currency is presently around the $12,000 price level, with a market capitalization of about $219.60 billion

READ ALSO: BTC whale moves 10,250 BTC valued at $95,000,000

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Why this is 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.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

READ: BTC whale moves 19,630 BTC valued at $185,000,000

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.

READ ALSO: Gold settles at $1,985, records best monthly gain since 2016

The percentage of supply owned by entities holding less than 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%.

BTC’s Daily Active Addresses continue to climb, and this will be a key fundamental factor in reaching price levels unseen in over two and a half years (January 2018).

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. KINGPINBTC

    August 7, 2020 at 3:01 pm

    Sir, it was Bitgo custodial btc address. Not a whale.

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Cryptocurrency

$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100

Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.

Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.

At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.

  • While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
  • The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.

What you should know

  • In the Bitcoin 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), that owns around 1000 coins or more.
  • The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.

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Very few nations permitted to issue their Crypto – IMF

The IMF says close to 80% of the world’s central banks are not allowed to issue a digital currency under their existing laws.

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International Monetary Fund IMF,Nigeria’s GDP forecast for 2020 to drop - IMF 

While many countries are already planning to or already developing fiat-crypto, the International Monetary Fund’s most recent report has indicated that only a few nations are permitted legally to carry such actions.

“Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency.

“But, in fact, close to 80% of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear,” the IMF stated.

In the recent post, seen by Nairametrics, the global financial body disclosed various reports suggested a large number of central banks are examining the possibility of having a central bank digital currency (CBDC).

It stated;

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“Still, a majority of such countries have legal structures that do not support the establishment of cryptocurrencies, or in some cases do not permit the development of them

“Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial, and reputational risks for the institutions.

“Ultimately, it is about ensuring that significant and potentially contentious innovation is in line with a central bank’s mandate. Otherwise, the door is opened to potential political and legal challenges.”

What you should know: A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes.

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  • Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

Recall some months ago, the International Monetary Fund (IMF) published a video illustrating what cryptocurrency is.

Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”

The IMF tweeted the video giving vital details on what cryptocurrency is. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed.

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Polkadot fast-rising Crypto, jumps past XRP

Polkadot has comfortably surpassed XRP in terms of market value following a massive gain of 62% in barely 7 days.

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There have been some big shakers in the crypto-verse amid recent sell-offs seen in the fast ever-changing financial market and Polkadot is among them.

According to figures from a leading analytics firm, Coinmarketcap, Polkadot has comfortably surpassed XRP in terms of market value following a massive gain of 62% in barely 7 days. This makes it the fourth-biggest crypto asset in the crypto market.

READ: XRP defying all barriers, up by 43%

What you should know

  • At the time of writing this report, Polkadot traded at $14.82 with a daily trading volume of $6 Billion. Polkadot is up 4.85% for the day.
  • The fast-rising crypto-asset presently has a market value of around $13.3 Billion. It has a circulating supply of 900,576,862 DOT coins and the maximum supply is not available.
  • In addition, XRP, conversely, has been down 10% for the week as XRP bulls had challenges taking the cross-border transfer token above $0.30. Its market cap is currently just below DOT’s at $12.7 Billion.

READ: Anchorage obtains 1st U.S federal Chartered Crypto bank license

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Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier

The fourth most valuable crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.

READ: Crypto company, Paxos seeks approval to be a U.S National Bank

The Polkadot protocol connects private and public chains, oracles future technologies and permission-less networks, allowing such independent networks to share information and transactions through the Polkadot relay chain.

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