JANUARY 16, 2020 / 14:31 UTC
LONDON (Fintech Zoom) – A cryptocurrency whale has moved $1.1 billion worth of Bitcoin for a measly $83 network fee.
After every sharp decrement in bitcoin price, before any financial analysis is carried out, whales are always the culprits in the minds of those who follow or participate in the bitcoin industry. True or false, people point fingers at whales for the manipulation of the bitcoin market. The reason behind this accusation is not far-fetched; market capitalization of the digital currency space is relatively small, any large movements of money from an exchange will harm the market. Is Bitcoin Market manipulated by Whales?
The transaction, which took place on January 14, saw the whale move 124,946.6 BTC in exchange for a 0.0096 BTC fee.
124,946 bitcoin were just moved in a transaction.
That’s ~$1,100,000,000 transfered for an $80 fee.
No government, bank or third party had to verify the transaction, nor could they have stopped it if they wanted to.
The true power of bitcoin. 🔥
— Rhythm (@Rhythmtrader) January 14, 2020
Since the market realized that the United States will not respond to Iran’s attack on Iraqi-based US bases, Bitcoin’s price has been falling. At the time of writing (10:44 UTC 2020 on January 10th), Bitcoin Price is 7,742.36 USD. Bitcoin started the day (00:01 UTC) at 7,809 USD. Day´s Range: 7,667.00 USD to 7,850.00
However, at January 14. 2020, Bitcoin Price violated crucial resistance near $8,460 , strengthening the case for a rise to the 200-day average at $9,100 MDA. Bitcoin Whale Effect?
At January 16, at press time, Bitcoin Price is changing hands near $8,780, representing a 2.3 percent gain on a 24-hour basis – Bitcoin Price Today 01.16
Although it’s impossible to know why the cryptocurrency was moved, one Reddit user claims it came from a Bitfinex cold storage address. So, it could just be that the cryptocurrency exchange is shuffling funds.
It’s not the first time that a transaction of this magnitude has taken place, but such moves are rarely seen in the market.
Although Bitcoin is yet to make the big time, I’m certain hardcore cryptocurrency enthusiasts will celebrate the fact that such a huge amount could be moved without third-party intervention, and at a relatively low cost.
About Bitcoin Price Prediction:
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- Bitcoin Price Prediction 2020: Its best days still lie ahead of it, by Jeff Barroga
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- My Bitcoin price prediction for 2020 is $20,000 – Eric Brown
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