Cryptocurrency
Two Bitcoin whales move $100 million worth of cryptos to OKEX
9,018 BTC estimated to be worth about $100million were moved by 2 BTC whales
It’s no longer news that Bitcoin whales play a major role in the world’s flagship crypto market. Nairametrics has placed great importance in tracking these large entities, as their trail usually precedes valuable insights on the prevailing price trend of Bitcoin.
What we know: Data obtained from Whale Alert, an advanced crypto analytic tracker, revealed that 2 BTC whales moved 9,018 BTC estimated to be worth about $100million, to Okex, a fast-growing crypto exchange, some hours ago.
READ: Despite billions on agriculture, food inflation up by 108% since 2015
🚨 🚨 🚨 🚨 4,500 #BTC (47,421,755 USD) transferred from unknown wallet to #OKEx
— Whale Alert (@whale_alert) September 21, 2020
🚨 🚨 🚨 🚨 🚨 5,018 #BTC (52,325,006 USD) transferred from #Xapo to #OKEx
— Whale Alert (@whale_alert) September 21, 2020
READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion
Quick fact: In the Bitcoin world, investors or traders who own large numbers of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, its circulating supply reduces, and this can weaken any bearish trend that BTC finds itself in. This means that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million coins, the price of BTC will go up, with BTC’s present demand factored in.
READ: Bitcoin whale transfers 11,230 BTC worth $116 million
Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
From a macro level, this increase in the number of BTC whales can be considered bullish. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Explore the Nairametrics Research Website for Economic and Financial Data
Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
Cryptocurrency
China bans people selling Crypto
China has placed a ban on entities from issuing Crypto
The world’s second-largest economy, China just recently published a draft law that seems to ban entities from issuing digital cryptos.
This could be the first time the word ‘Crypto’ has appeared in any of China’s formal laws.
The new draft of legal comments cited on Fxstreet, clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market.
The violation of this law will have severe consequences according to the draft which reads:
“For anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds.”
Cryptocurrency
Bitcoin whale transfers $112 million worth of BTC
BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million.
Bitcoin whales are keeping up their pace in the last quarter of the year especially as prices hover over $12,800.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million, some minutes ago.
READ: Two strange Bitcoin whales transfer $290 million worth of Crypto
Whale alert! 🐋 Someone moved 8,701 BTC ($112M) in block 653,929 https://t.co/IFkPwNT0wv
— Bitcoin Block Bot (@BtcBlockBot) October 23, 2020
READ: Large BTC entity transfers over $100 million worth of Crypto
Bitcoin price at the time of writing traded at $12,873.76 with a daily trading volume of $25,438,932,778. BTC price is up 0.9% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins
Why it is happening: Global investors and crypto-traders are now preserving some of their profits in digital assets, as the crypto market is awash 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: Cryptos: Nigerian financial experts talk risks associated with trading digital assets
Explore Data on the Nairametrics Research Website
What you should know
- 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) that owns around 1000 coins or more.
- 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.
Cryptocurrency
#EndSARS: Feminist Coalition raise Cryptos worth $126,000
Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.
Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.
Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.
READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days
The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.
READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments
October 21st, 2020. pic.twitter.com/UCPquA4Vbc
— feministcoalition (@feminist_co) October 21, 2020
Why this matters
- The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
- Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
- Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.
READ: #EndSARS: How Nigerian football players have reacted
The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.
Its core focus is on education, financial freedom, and representation in public office.
Explore Data on the Nairametrics Research Website
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Anvi
September 23, 2020 at 7:04 am
Informative