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Cryptocurrency

$385 million worth of Bitcoin moved by unknown identity

someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

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3 BTC whales move 140 million worth of Bitcoins from Binance

Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s (Bitcoin) market.

What we know

Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

READ: Two cryptos you should consider investing in

READ: 100,000 tons of cocoa stranded at ports due to CBN documentation – Cocoa exporters

READ: Crypto: Financial market that never sleeps, or is under any central authority

At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.

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It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.

READ: Crypto: Large investors transfer over 700,000 Ethers

This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.

Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.

READ: Ripple locks 800,000,000 XRP, prices push up

Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.

What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

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Explore Data on the Nairametrics Research Website

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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    Cryptocurrency

    How to protect your Crypto assets from thefts, hacks and frauds

    According to data released by CipherTrace Cryptocurrency Intelligence, crypto theft for last year stood at $1.9 billion in 2020, down from $4.5 billion in 2019.

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    Why buying Bitcoin now is not a bad idea, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly

    It‚Äôs no longer news that Crypto assets are fast gaining traction in today‚Äôs world. The amazing word ‚ÄúCrypto‚ÄĚ has completely altered the way we view global financial systems and money, revealing the power of blockchain technology. However, with great power comes great responsibility and part of that responsibility is knowing how to protect your crypto assets.

    As a Russian cybersecurity firm, Kaspersky recently affirmed, hacking of crypto accounts is on the rise. “We should expect more fraud, targeting mostly BTC, due to this cryptocurrency being the most popular one,”¬†they stated.

    Predictably, the popularity and surge in BTC prices and the upcoming Ethereum mean that virtual currencies often become a target for hackers that want to take advantage of these valuable and appreciating assets.

    According to data released by CipherTrace Cryptocurrency Intelligence, crypto theft for last year stood at $1.9 billion in 2020, down from $4.5 billion in 2019.

    In 2018, cryptocurrency crimes were about $1.7 billion in value, according to CipherTrace’s annual Crypto Anti-Money Laundering and Crime Report. This number surged by almost 165% year-over-year to $4.5 billion in 2019.

    This data makes it crucial for you to protect your crypto assets and avoid falling victim to cyber hackers.

    The most important process in securing your crypto assets is choosing a crypto wallet. This wallet works pretty much like a traditional wallet, save for the obvious fact that it is a digital wallet. Some popular examples are MetaMask, Trust wallet, Electrum, and Exodus.

    A crypto wallet is used in keeping the private and public keys required to buy your crypto assets, thus enabling digital signatures to approve every transaction. It is safer to keep your crypto assets in crypto wallets as crypto exchanges can fall prey to cyberattacks and theft.

    A private key (almost like a real key) unlocks your crypto assets from your crypto wallet.

    You must also understand the power of your private key as losing such keys to cyber-attacks or carelessness will result in losing access to your funds. If someone else learns your key, they can spend those funds.

    Seed phrases

    It is also critical to understand that many crypto wallets have just one private key. They are hierarchical deterministic (HD) wallets, meaning they can hold a lot of different keys. All that is required of you is knowing the seed phrase, a collection of words that can be used to generate those keys. This may resemble the following:

    story four mine sorrow many scare just fortitude amazing cast lie novice

    Unless you intentionally prefer to use a single private key, you’ll probably be asked to back up a seed phrase when creating a crypto wallet.

    To protect your crypto assets, ensure you work with reputable cryptocurrency wallets, exchanges, brokerages, and mobile apps and avoid sharing your secret key with others.

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    Crypto trading platforms like FTX derivative exchange provides multi-level security features for its users, as Google authenticator is available to protect your withdrawals on exchanges. Also, it’s very important to whitelist your withdrawal address to prevent loss of funds.

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    Cryptocurrency

    Bitcoin bounces as Ether hits new all-time high

    Data from coinmarketcap shows bitcoin erasing almost all the previous day’s losses to trade as high as $57,939.36 in the last 24 hours.

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    New all-time highs for Ether after sell-off earlier in the week. Bitcoin (BTC) also gained 4.03% in the last 24 hours as cryptocurrencies recovered losses despite increasing turmoil in global stock markets.

    BTC price bullish

    Data from coinmarketcap shows bitcoin erasing almost all the previous day’s losses to trade as high as $57,939.36 in the last 24 hours. The move came amid concerns in tech stocks, fueled by problems in Taiwan which saw the country’s equities index post its biggest one-day loss in history.

    Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance. “BTC is bouncing here and Altcoins are recovering strongly,” popular Twitter commentator Rekt Capital summarized on Tuesday as the United States Federal Reserve buoyed the crypto cause by refusing to suggest that economic interventions could be lessened.

    Bitcoin is currently trading $57,122.96 as of the time of writing this report.

    Ethereum keeps breaking all-time highs

    In continuation of “altseason,” Ether led gains, touching new all-time highs while maintaining support at $4,000. Gas fees, however, remain a headache for traders and Ethereum network users. Due to the network congestion, Ethereum gas fees are as high as $700 during peak periods. This presents a significant concern for investors and developers on the network.

    Ether is currently trading $4,317.25 as of the time of writing this report.

    Amid continued debate over ‚Äúmeme‚ÄĚ coins, Dogecoin (DOGE) was flat, while Shiba Inu (SHIB) lost 23% to fall out of the top twenty cryptocurrencies by market cap. Weekly gains for the coin still stand above 1,500%.

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