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Home Markets Cryptos

Entity transfers $239 million worth of Bitcoin, as BTC drop to $31,000

Olumide Adesina by Olumide Adesina
January 5, 2021
in Cryptos
BTC, Bitcoin, crypto, Unknown entity transfers $166 million worth of Bitcoins
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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

RelatedPosts

Bitcoin drops for fourth straight day on US Fed’s hawkish stance

Nearly 67,000 investors lose everything as Bitcoin drops below $24K

? ? ? ? ? ? ? ? ? ? 7,500 #BTC (238,801,020 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/dchhfSiMSS

— 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.

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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.

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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.

Related

Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency News

Comments 1

  1. Anonymous says:
    January 6, 2021 at 6:07 am

    In summary, are you saying it is advisable to buy bitcoin now or what? Your explanation is not quite straight forward

    Reply

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