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Cryptocurrency

3 wealthy crypto investors move over $400 million worth of Bitcoin

Three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions.

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BTC, Bitcoin, crypto, Unknown entity transfers $166 million worth of Bitcoins

A growing number of wealthy investors in recent times have increased their transactional volume at the Bitcoin market.

This is, however, triggered by the recent rush of notable institutional brands and investors rushing to have a stake in this digital asset.

READ: Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November

  • Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions, some hours ago.

The 3 transactions are captured in the tweets below:

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  • At the time of writing this publication, the flagship crypto traded at $19,285.38 with a daily trading volume of $32 billion.
  • Bitcoin is up 1.41% in the last 24 hours.
  • It is ranked the most valuable crypto by market value, with a valuation of $358 Billion.
  • It has a circulating supply of 18,561,562 BTC coins and a maximum supply of 21,000,000 BTC coins.

READ: Crypto robber sends out over $5 million worth of stolen Bitcoins

Recent data seen from Glassnode, reveals a contraction of supply action at the bitcoin market is pointing towards a bullish bias, taking to account Bitcoin Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC.

  • The previous 2-year low of 860,344.389 BTC was observed on 03 December 2020.
  • Metric Description: The amount of circulating supply last moved between 5 years and 7 years ago.

Explore Data on the Nairametrics Research Website

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READ: Zenith Bank posts PBT of N177.3 billion in 9M 2020

What to expect

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Nairametrics anticipates increased buying pressures by such large entities are partly responsible for the crypto recent highs. While, it is difficult to predict market movements, such investors have shown historically, price patterns often determines the BTC trend.

READ: United Capital Plc raises N15 billion through Commercial Paper

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.

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Cryptocurrency

Why Bitcoin could triple in value annually

Michael Saylor recently disclosed why he believes the flagship crypto-asset could triple in value

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Bitcoin

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

READ: 94% of Bitcoin investors are making money

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.

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Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

READ: 100 Crypto wallets have at least 10,000 Bitcoins

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Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

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Cryptocurrency

Crypto entity moves $227 million worth of Bitcoin

a large entity transferred 6,925 BTC worth $226,609,828, from Unknown wallet to Unknown wallet.

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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 the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.

READ: 273,000 Bitcoins taken away from crypto market within a month

  • At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
  • 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.

READ: 230 million XRP worth over $117 million moved by powerful investors

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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.

  • leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: Crypto: LEND gains more than 4000% in one year, set to rally higher  

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”

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Cryptocurrency

94% of Bitcoin investors are making money

Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.

The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.

Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.

READ: Bitcoin posts biggest daily drop since market crash of March 2020

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

Metric description; The percentage of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.

At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.

What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

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READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

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“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”

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Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

“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.”

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