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$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.

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$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

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  • 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.

  • 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

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

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

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  • “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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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.

1 Comment

1 Comment

  1. Tony

    January 2, 2021 at 3:16 pm

    Cool

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Cryptocurrency

Investor moves $1 billion for $7 fee on Ethereum Blockchain

Synthetix traded at $15.75 with a daily trading volume of $314.3 million, and is up 8.90% for the day.

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Number of contract calls on Ethereum rises by 300%

A large entity paid a transaction fee of $7.5 fee to just move $1 billion worth of SNX assets on the Ethereum network at a time the utility crypto, Ether itself traded around $1,200.

According to data retrieved from Etherscan data, money was transferred from a contract called “Synthetix: Reward Escrow” to an Ethereum wallet that contains the $1 billion in SNX tokens and appears to be a second version of the Synthetix Rewards escrow contract.

At press time, Synthetix traded at $15.75 with a daily trading volume of $314.3 million. Synthetix is up 8.90% for the day.

It is presently the 23rd most valuable crypto by market value worth about $1.8 billion. It has a circulating supply of 114,841,533 SNX coins and a max. supply of 212,424,133 SNX coins.

What you should know: Synthetix is a type of Crypto liquidity protocol asset on the Ethereum network that facilitates the issuance and trading of synthetic assets.

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  • Each synthetic asset (or Synth) is an ERC20 token that tracks the price of an external asset; for example, each dollar token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1).
  • A wide variety of Synths exists within Synthetix, including commodities, fiat currencies, cryptocurrencies, and inverse indexes.
  • In principle, the system can support any asset with a clear price and provide on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.

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Cryptocurrency

UBS warns Bitcoins could disappear like Myspace

UBS suggests that a rival cryptocurrency backed by powerful Western Governments could eclipse Bitcoin

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Bitcoin

Analysts at Swiss firm UBS are warning investors that popular cryptocurrencies like Bitcoins could lose their allure just like Myspace and Netscape did earlier on in the social media and browser revolutions respectively.

According to Bloomberg, the firm issued this warning to its investors citing regulatory actions or if a better-designed version is launched to rival the existing ones.

“There is little in our view to stop a cryptocurrency’s price from going to zero when a better-designed version is launched or if regulatory changes stifle sentiment…..Netscape and Myspace are examples of network applications that enjoyed widespread popularity but eventually disappeared,” UBS strategist.

What this means: UBS suggests that a rival cryptocurrency backed by powerful Western Governments could eclipse Bitcoin when launched as it will attract more credibility and transaction value. Bitcoin is currently not owned by any government.

What the US Fed is saying

Bitcoins, the world’s most popular cryptocurrency with a 66.5% market share saw its price rise above $40,000 during the week before falling 8.9% to close just above $37,000. Cryptocurrencies are very volatile assets and is viewed somewhat negatively by most regulators.

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Recently, the US Fed Chair, Jerome Powell, recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies. According to him;

Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”

Powell also revealed that stablecoins were of high-level priority.

“We’ve been very focused… on potential regulatory answers for global stablecoins, in particular,” said Powell in response to a question about CBDCs, or central bank digital currencies.

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“So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that… It’s a very high priority.”

Upshots

According to a report by Google, Nigeria has the highest interest in Bitcoin globally. The report claims Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google. Delta State has the highest level of Bitcoin interests on a state level in Nigeria, followed by Ebonyi, Ekiti, Anambra, and Osun.

Surprisingly Nigeria’s business capital, Lagos misses out of the top 5 as regards Bitcoin level of interest in Google.

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Cryptocurrency

Ethereum held on Crypto exchanges might run out of supply in 2 days

A crypto expert has released key details on why Ether coins on crypto exchanges could be all gone within 48 hours.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The amount of Ethers held on Crypto exchanges could go into extinction amid the high buying pressure seen in recent days.

Alex Saunders, a crypto expert, via Twitter, released key details on why Ether coins on Crypto exchanges could be all gone within 48 hours amid high buying pressure.

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

  • “Crypto Exchanges could be out of Ether within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10 million to 8 million in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range”

READ: Why Ethereum could make you rich

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READ: 5 rules that Dangote has Adopted from The 48 Laws of Power

Ether reserves held on crypto exchanges have not been this low for about two and a half years ago. At press time, just 7% of Ether’s circulating supply is presently held on Crypto exchanges.

Meanwhile, Crypto investors are buying into the world’s acclaimed utility crypto, over owning a stake in Ether amid the boom seen recently in Crypto markets. Although it has not been strange to many crypto experts in the crypto-verse, seeing Ethereum demand at a record high.

READ: Hackers, expose crypto wallets worth $150 million at Kucoin

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Recent data obtained from Glassnode, a crypto analytic firm revealed a number of  Ethereum based addresses holding 0.01+ coins just reached an all-time high of 10,997,708.

The previous all-time high of 10,997,003 was observed earlier today.

Metric description: The number of unique addresses holding at least 0.01 coins. Only Externally Owned Addresses (EOAs) are counted, contracts are excluded.

READ: U.S Central Bank leader says no rush into crypto dollar

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What you should know

  • At the time of drafting this report, Ether traded at $1,219.35 with a daily trading volume of $34.1 billion. Ethereum is up 11.13% for the day. The world’s leading utility has a market value of $139.3 Billion.
  • Breaking the $1,300 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March 2020 following the market carnage that occurred as a result of the ravaging COVID-19 virus.
  • Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.

READ: WhatsApp to share users’ personal information with Facebook

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