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.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 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.
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.
- 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.