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Cryptocurrency

Investor moves $133 million worth of Bitcoins, suspected from Coinbase

An unknown individual(s) moved 12,565 BTC in block 650,441worth about $133million.

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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

Large entities are fast increasing their transaction sizes in the world’s most important crypto market at a spontaneous rate.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone (probably from Coinbase) moved 12,565 BTC in block  650,441, estimated to be worth about $133million, some hours ago.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

Why it’s happening; It should also be noted that the amount of BTCS on major crypto exchanges has hit its lowest levels in about two years meaning a new generation of investors, crypto traders are putting its money in it for the long term.

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

There’s no reason to sell now when you have large institutional investors like MicroStrategy, Grayscale Investments buying the world’s flagship crypto

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READ: Bitcoin whale moves 88,989 BTC worth $1 billion

Quick fact:

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  • 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.

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

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    Business

    Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

    The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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    The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

    This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

    “The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

    “We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

    It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

    The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

    “The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

    In case you missed it 

    Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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    Cryptocurrency

    Dogecoin up 168%, more valuable than Polkadot, Cardano

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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    Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

    Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

    READ: Bitcoin miners are consistently earning $50 million daily

    Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

    Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

    A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

    READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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