U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

$66,4 Mln Worth of Bitcoin Sent from Anonymous Wallets to Binance – Will BTC Price Dump?

News
Tue, 01/14/2020 - 08:58
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Over $66,4 mln worth of Bitcoin has been transferred between Binance and anonymous wallets, some in the community now expect the BTC price to slump

Cover image via 123rf.com
Contents

Over the last 12 hours, Whale Alert, the Twitter bot account that tracks large crypto transactions, reported several BTC transfers between the Binance exchange and several wallets with unregistered owners.

In total, approximately 7,812 BTC was transferred – that’s around $63,560,000.

BTC sent
Image via Twitter

In the comment thread, some users fear that another Bitcoin price dump is about to happen.

Binance and ‘unknown wallets’

Whale Alert has detected $66,453,000 worth of Bitcoin sent between the crypto giant Binance and several unknown wallets over the last 12 hours.

Around 3,312 BTC ($28,177,000) was transferred to Binance. 4,500 BTC ($38,276,000) got sent from Binance to a wallet with an anonymous owner.

Curiously, in three of these transactions the unknown wallets have the same address:

15HnxQHZ9yPoZffrrhwYQTradFgPkWVDU7

BTC address
Image via blockchain.com

That's one transaction to Binance (2,213 BTC) and two transfers from Binance (982 BTC + 984 BTC).

Whale Alert
Image via Twitter

Must Read
Ripple CEO Expects to See More 'Consolidation' in 2020. Community Wants Big Acquisitions - READ MORE

Community’s take

The crypto community’s reaction was typical of similar cases that have happened many times previously – when large amounts of crypto are moved to a crypto exchange, especially, a large one, like Binance, retail investors start thinking that a price dump is approaching.

The most typical cases are when large amounts of XRP are unlocked and moved from Ripple’s escrow wallet and then sent on.

More BTC sent – Coinbase, OKEx

This time, however, along with transactions to and from Binance, large amounts of Bitcoin were also moved to other exchanges – OKEx and Coinbase.

Here, there were three transfers – one took place between the two exchanges (838 BTC), while 1,000 BTC was sent from Coinbase to an unknown wallet and 1,000 BTC was transferred from OKEx to an anonymous wallet as well.

One of the users in the comment thread noticed that despite quite frequent transactions when large amounts of BTC have been sent to other exchanges (aside from Binance), the Bitcoin price was not impacted.

At press time, Bitcoin is trading in the $8,500 area after surging over the past several hours.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Why Crypto Investors May Not See an "Alt Season" For many months ahead

Why Crypto Investors May Not See an "Alt Season" For many months ahead

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin Price’s Next Stop $5,600, Trader Explains How

Bitcoin Price’s Next Stop $5,600, Trader Explains How

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

News
Sat, 03/28/2020 - 18:25
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
Contents

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

Must Read
Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper - READ MORE

Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Recommended articles
Why Crypto Investors May Not See an "Alt Season" For many months ahead

Why Crypto Investors May Not See an "Alt Season" For many months ahead

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin Price’s Next Stop $5,600, Trader Explains How

Bitcoin Price’s Next Stop $5,600, Trader Explains How