Cryptocurrency
Two strange Bitcoin whales transfer $290 million worth of Crypto
Two unknown BTC whales moved about 26,000 BTC estimated to be worth about $290 million.

Published
5 months agoon

A growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto, triggered by the recent rush by crypto traders and global investors to have a stake in this fast-growing flagship crypto.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that two unknown BTC whales moved about 26,000 BTC estimated to be worth about $290 million, in two separate transactions, however at the same block a few days ago.
READ: Two Bitcoin whales move $100 million worth of cryptos to OKEX
Explore Data on the Nairametrics Research Website
Whale alert! đ Someone moved 10,500 BTC ($115M) in block 651,998 https://t.co/MtfyBpcTGR
— Bitcoin Block Bot (@BtcBlockBot) October 9, 2020
Whale alert! đ Someone moved 15,987 BTC ($176M) in block 651,998 https://t.co/d45PIQhCsI
— Bitcoin Block Bot (@BtcBlockBot) October 9, 2020
READ: Why Warren Buffett’s company is buying shares of a gold mining company
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 $11,000 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: Square buys $50 million worth of Bitcoins
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, bitcoinâs circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- This means that over time, itâs possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTCâs present demand factored in.
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. He is a Member of the Chartered Financial Analyst Society.


Cryptocurrency
Unknown entity moves $642 million worth of Bitcoin
The flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion.

Published
2 hours agoon
March 6, 2021
Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.
This is triggered by the relatively strong bullish momentum in the BTC market.
A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.
Whale alert! đ Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK
— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021
Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.
âIâm assuming that once we hold this $49,000 zone that weâve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction Iâm not assuming that we will.â
This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the worldâs most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets â and increases in re-accumulation phases at cheaper prices.
Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.
Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine BitcoinâsâŻtrend.
Cryptocurrency
Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban
Africa’s largest economy, Nigeria, posted Bitcoin monthly P2P volumes of about $31 million

Published
2 hours agoon
March 6, 2021
Africa’s largest economy, in spite of the recent crypto ban reminder issued by Nigeria’s Apex bank, has posted a surge in monthly P2P volumes to about $31 million on two major P2P exchanges that include Paxful and Local Bitcoins.
According to a new study seen by Nairametrics, Africa’s biggest crypto market has seen about a 15% surge of activity in peer-to-peer transactions since the Central Bank of Nigeria issued a circular reminding financial institutions in Nigeria about the prohibition in crypto-related transactions.
As bitcoinâs usage has been rising steadily in emerged markets, recent data suggest Nigerians are not giving up on the world’s most popular cryptocurrency, so it becomes unsurprising that transactional volumes printing out from Nigeria combine other African nations in relation to bitcoin P2P.
Data seen from Usefultulips, a BTC analytic data provider, showed Africa’s leading oil producer-led Africaâs peer to peer transactions in the last 30 days, as it posted monthly P2P volumes of about $31 million, followed by the Kenyans and Ghana each posting about $12.1 million and $8.4 million respectively.
What you must know: In Bitcoinâs case, P2P is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer-to-peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.
However, the effect of the CBN crypto ban is already breeding bad actors currently taking advantage of the high thirst for Bitcoin. Luno, a leading African-based Crypto exchange, in an email sent to Nairametrics, shed more light on the cost bitcoin buyers in Nigeria must bear.
âPushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban.
âOther companies have made the choice to find workarounds that are less visible for regulators â for example, Peer-2-Peer (P2P) trading. Our view is that P2P trading would go against the spirit of the CBNâs directive.
âWe believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.â
Bottom Line: A significant number of Nigerians are hell-bent on leveraging on Bitcoin to sustain and drive their earnings amid rising inflation and stringent access to FX liquidity in Africa’s biggest economy as it offers most of them the easiest and cheapest means of moving capital in relation to other traditional means of payments.
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