Wednesday, January 27, 2021
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

by firstcryptonews
August 10, 2019
in Bitcoin
Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

Large whale movements of Bitcoin and other cryptocurrencies hardly go unnoticed by the crypto community. That being said, the movement of 142,323 BTC (valued at $1.3 billion) recently did not also go undetected. There are speculations that the transfer could either have been made by Xapo, a crypto wallet provider, or a whale just waiting for the time to dump the asset into the market which could lead to a further price slump.

Crypto Market’s Dip in the Past Few Weeks
The crypto market has experienced a dip in the past two weeks and it’s uncertain if it could get out of the downtrend anytime soon. However, crypto enthusiasts are monitoring the state of things to deduce if a surge is underway or we can go lower.

While at it, Larry Cermak, a crypto enthusiast informed the community on July 29, 2019, that a whale had moved 142,323 BTC valued at $1.3 billion at the time.

Given that transferred amount accounts for 0.8 percent of Bitcoin’s circulating supply, it was enough to cause an uproar in the crypto space. Some users opined that it is Xapo, a crypto wallet provider that was recently acquired by Coinbase who had made the transfer.

A link was made between one of Xapo’s transactions and the whale movement even though the former occurred 18 hours after the huge one was made.

Similarly, Su Zhu, CEO of Three Arrows Capital hinted that the move was actually related to the Xapo/Coinbase custody acquisition. The CEO reportedly said Xapo holds about 700,000 BTC in its custody and as such, it may not come as a surprise that they should be able to move such large funds.

Crypto Users Claim Whale Movement Was Made by Satoshi
That aside, many others who made comments on Cermak’s tweet opined that the transfer could have been made by Satoshi, Bitcoin’s creator finally moving some of his assets. Another user noted that majority of the moved funds had been sitting in wallets since 2015/2016 and were only moved days ago.

On the other hand, a number of users were of the belief that the act was carried out by a whale who could possibly dump it into the market when we least expect. If that happens, then it could impact negatively on Bitcoin’s price by dragging it further down below the $9k level its currently trading at.

An instance of this is the case of May 17, 2019, where 5,000 Bitcoins were dumped in the market on Bitstamp, a Luxembourg-based digital currency exchange. While it may have been insignificant compared to the recent whale movement, it was still able to trigger a flash crash in Bitcoin’s price. Bitcoin which was trading well above $7,000 crashed to $6,100 in an hour.

Related Posts

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

by firstcryptonews
December 30, 2020
0

Bitcoin has seen an influx of institutional adoption over recent months. As has been covered extensively by this outlet, the...

Bullish For Bitcoin: U.S. Federal Reserve Makes Emergency Rate Cut

Japan CBDC has various hurdles to clear before launch

by firstcryptonews
December 23, 2020
0

The Bank of Japan had prioritized the development of a central bank digital currency in July, however, as...

Over 2,000 vending machines in Australia and New Zealand now accept Bitcoin

Over 2,000 vending machines in Australia and New Zealand now accept Bitcoin

by firstcryptonews
June 9, 2020
0

Over 2,000 vending machines in Australia and New Zealand now accept Bitcoin for Coca-Cola products, according to reports. This is...

No Bitcoin Manipulation: Analyst Defends 2020 Price Surge of 57%

No Bitcoin Manipulation: Analyst Defends 2020 Price Surge of 57%

by firstcryptonews
March 7, 2020
0

As the crypto market awaits the upcoming halving, there are naturally many thoughts about the Bitcoin market. Firstly, there are...

Bolstering Adoption: Twitter Unveils New Bitcoin Emoji

Bolstering Adoption: Twitter Unveils New Bitcoin Emoji

by firstcryptonews
February 13, 2020
0

For the first time ever, a social media platform is including a crypto’s special symbol in its list of emojis....

Brexit Is Done: Will Britain’s Departure From The EU Boost Bitcoin Price?

Brexit Is Done: Will Britain’s Departure From The EU Boost Bitcoin Price?

by firstcryptonews
February 13, 2020
0

After three and a half years of a deadlock, the Britain-Brexit breakup is official. The UK officially left the European...

Next Post
1irstcoin

1irstcoin LLC Shares (FST) ignites 2000% surge in Price over the Months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Samsung Confirms it Is Planning More Blockchain Smartphones

Samsung Confirms it Is Planning More Blockchain Smartphones

2 years ago
XRP Slips Into Negative Territory As Ripple’s Senior Software Engineer, Evan Schwartz Calls It Quits

XRP Slips Into Negative Territory As Ripple’s Senior Software Engineer, Evan Schwartz Calls It Quits

1 year ago
Senegalese Government Gives Akon Final Greenlight For Crypto-Friendly “Akon City”

Senegalese Government Gives Akon Final Greenlight For Crypto-Friendly “Akon City”

1 year ago
Puregold Pgpay

Enhance your returns from gold investment through PureGold

12 months ago
quiverx

QuiverX: QuiverX + Ternio Blockcard Partnership

2 months ago
FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

2 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

December 30, 2020

Recent News

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

October 14, 2020

Press Release

dao maker

Announcing the Completion of the DAO Maker DYCO on Gate.io Exchange

January 20, 2021

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News