Main navigation

23,000 BTC Transferred From Coinbase to Cold Wallets as Bitcoin Takes Dip

Advertisement
Tue, 16/05/2023 - 9:40
23,000 BTC Transferred From Coinbase to Cold Wallets as Bitcoin Takes Dip
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

As reported by popular cryptocurrency tracking service Whale Alert, slightly more than 15 hours ago, two massive chunks of Bitcoin got transferred from the leading U.S. crypto exchange Coinbase to anonymous wallets.

This happened when Bitcoin took a dip below the $27,000 level for a short while.

Anon whales buy BTC on the dip

Whale Alert reported that these were two consecutive transfers, carrying 11,533 BTC and 11,347 BTC. These are the equivalents of $316,300,407 and $311,198,260.

Article image
Image via Twitter

Still, despite the price decline, Whale Alert registered incoming crypto transactions on Coinbase, too. Two anonymous wallets sent equal amounts of Bitcoin (1,627 BTC each) to this top exchange before the aforementioned transactions, possibly before the price went down.

Advertisement

It was not only Bitcoin that was sold on Coinbase. Two anonymous wallets transferred 19,635 ETH each to the above-mentioned crypto platform.

Related

Reason for Bitcoin's 2% plummet

Bitcoin reacted with a 1.9% fall on May 15 following the news of the prominent BlockFi crypto lending platform planning to liquidate its business. The company has been attempting to sell its crypto platform and nearly 700,000 customer accounts since January, citing regulatory challenges as the main reason for this decision. However, these attempts have been of no success. BlockFi filed for bankruptcy back in November of last year.

BlockFi is yet another crypto platform that has gone down since the beginning of last year. The year 2022 saw the collapse of Terraform Labs, its Luna token and UST stablecoin; it was followed by the collapse of Three Arrows Capital in the summer. In November, Alameda Research and FTX exchange, which owned it, went down. The list continues with Genesis and Digital Currency Group.

Bitcoin fell from the $27,545 level to the $26,890 zone, losing 1.98%. By now, the flagship cryptocurrency has recovered its losses partly and is changing hands at $27,191 on the Bitstamp exchange.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD