Connect with us
Switch

Cryptocurrency

Whales transfer Bitcoins at an alarming rate

Unknown Bitcoin whales moved over $280 million in more than eight separate transactions within 24 hours ago.

Published

on

Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Large entities in recent weeks have increased their pace in transferring cryptos at the world’s most popular crypto market. These are catalyzed by the rush which includes crypto traders and investors trying to have a stake in this fast-changing crypto asset.

Data obtained from Whale Alert, a crypto analytic tracker, showed unknown Bitcoin whales moving over $280 million in more than eight separate transactions within 24 hours ago.

READ: Two Bitcoin whales move $100 million worth of cryptos to OKEX

The latest transfer was captured here.

Specta

Backstory

Some days ago, Glassnode, a popular crypto analytic company, reported the number of Bitcoin whales (entities holding ≥ 1K BTC) that have been on an upwards trend for the past months.

This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.

READ: Bitcoin whale transfers 11,230 BTC worth $116 million

Coronation ads
  • Not forgetting that Bitcoin accumulation has been on a constant upwards trend for months.
  • 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
  • Accumulation addresses are defined as addresses that have at least 2 incoming txs and have never spent BTC.
  • What this means from a macro level is that 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.

READ: Ripple owners say XRP will be worth $100

What this means

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: Crypto: Large investors transfer over 700,000 Ethers

Coronation ads

What you should know

Stanbic IBTC

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.

Jaiz bank ads
  • As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
  • This means 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.

Explore Data on the Nairametrics Research Website 

Explore Some Advanced Financial Calculators On Nairametrics

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Bitcoin posts biggest daily drop since market crash of March 2020

Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.

Published

on

Bitcoin

The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.

  • Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
  • Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.

READ: Finance leaders of G7 countries strongly support crypto regulation

Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.

The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020

Specta

What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.

Coronation ads

Continue Reading

Cryptocurrency

Investors get burnt, lose $1.6 billion in crypto within a day

Published

on

The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.

The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.

READ: Everything you need to know about Crypto Trading

bitcoin

For the day, about 192,005 crypto traders got liquidated.

Specta

The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.

  • Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
  • Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
  •  The flagship crypto traded at $29,196.15.
  • Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day

READ: Stellar defying gravity, gains 103%

What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.

Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.

Coronation ads

READ: Crypto traders suffer heavy losses of $639 million within a day

The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that all their funds could be lost.

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

READ: Litecoin displaces XRP as 4th most valuable crypto

Coronation ads

“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

Stanbic IBTC

Continue Reading

Cryptocurrency

Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.

Published

on

Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.

Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.

Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.

READ: Football: AC Milan announces loss of €195million

The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.

Specta

“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.

The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.

“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.

READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club

Coronation ads

What you should know

  • A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
  • Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
  • Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.

Continue Reading
Advertisement




Advertisement