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$1.2 Billion In Bitcoin Moved from Binance 10 Minutes After BTC Plunge, Here’s What Happened

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Mon, 04/19/2021 - 09:55
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Yuri Molchan
Recently shared Glassnode chart says that $1.2 billion worth of Bitcoin was withdrawn from Binance in merely ten minutes after BTC crashed to the $51,000 level on Sunday
$1.2 Billion In Bitcoin Moved from Binance 10 Minutes After BTC Plunge, Here’s What Happened
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A chart provided by the popular analytics company Glassnode demonstrates that 20,952 Bitcoin were moved from the Binance exchange on Sunday, April 1810 minutes after the price of the flagship cryptocurrency crashed.

That was a plunge of almost 20 percent: from $60,000 to the $51,000 level in less than an hour.

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$1.2 billion in BTC withdrawn from Binance

The CIO of Moskovski Capital has shared the aforementioned chart about the massive BTC drop caused by an unconfirmed tweet published on Sunday and covered by U.Today.

The tweet alleged that the U.S. Treasury intends to charge several financial institutions with money laundering using cryptocurrencies. Within an hour after this message was published, Bitcoin printed a massive red candle and altcoins went into the red even deeper.

Overall, the tweet wiped $288 billion from the cryptocurrency market.

Lex Moskovski, who shared the chart, asked for an official comment from Binance, but no representative of the exchange replied to the request.

In the comment thread, users assumed that someone had bought this eye-popping amount of Bitcoin on the dip.

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This Tweet Just Erased $288 Billion from Crypto Market Cap

9,000 BTC in before and 20,700 BTC out after the crash

Crypto trader Willy Woo also commented on yesterday's Bitcoin plunge. He shared that the plunge was due to a major drop in the Bitcoin hash rate in China, the biggest since 2017.

He also tweeted that, according to a Glassnode chart, 9,000 Bitcoins were moved to Binance before the crash took place, and then 20,700 BTC were withdrawn after the price collapsed, losing almost $10,000 within an hour. He assumed that both transfers may have been made by the same whale.

By now, the flagship cryptocurrency has recovered to the $56,928 level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.