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Cryptocurrency

$350 million worth of Bitcoin moved by a large entity as it nears $30,000

A large entity transferred 12,000 BTC worth $350,442,906 from an unknown wallet to another unknown wallet.

Published

4 months ago

on

$700 million worth of Bitcoin moved by an unknown identity

Large entities in the Bitcoin market have begun moving a significant amount of the world’s most popular crypto at the start of 2021.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 12,000 BTC worth $350,442,906, from Unknown wallet to Unknown wallet.

READ: Bitcoin miners are super-rich, earn $1,000,000 per hour

READ: Unknown address moves 91,010 Bitcoins valued at $2 Billion in block 663,180

  • Bitcoin price today is $29,777.00 with a daily trading volume of $40,498,742,724.
  • Bitcoin is up 2.07% for the day.

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

What you should know

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

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  • 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.
  • 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.

READ: Nigeria Joins Canada, Thailand and others in taxing digital companies

Crypto fans are cheering Bitcoin as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.

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Also, 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

Stanbic 728 x 90
  • “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.”

Related Topics:

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.

    Published

    14 hours ago

    on

    April 17, 2021

    By

    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.

    Published

    1 day ago

    on

    April 16, 2021

    By

    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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