A growing number of powerful investors have recently been increasing their transactional volume in Bitcoin’s market, triggering the flagship crypto to trade $31,000 price level.
What you must know: Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown BTC whale transferred 7,500 BTC worth $238,801,020 transferred from an unknown wallet to an unknown wallet.
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
? ? ? ? ? ? ? ? ? ? 7,500 #BTC (238,801,020 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 4, 2021
Why it’s happening: Global investors and crypto-traders are now cashing in on some of their profits amid fear of regulation coming from the world’s largest economy.
READ: 230 million XRP worth over $117 million moved by powerful investors
At press time, Bitcoin traded at $31,138.29 with a daily trading volume of $82,724,891,290 USD. Bitcoin is down 5.19% for the day.
Prevailing market conditions at the flagship crypto market reveal large crypto investors and traders are moving large stacks of Bitcoins which are typically known as Bitcoin whales.
READ: Unknown identity moves $117 million worth of Ethereum
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
In summary, are you saying it is advisable to buy bitcoin now or what? Your explanation is not quite straight forward