Bitcoin Breaks Transaction Volume Record as Price Action Goes Wild

News
Thu, 12/05/2019 - 07:24
Alex Dovbnya
$8.9 bln worth of BTC was transferred in a single hour, but these are just crypto exchanges swapping their coins
Cover image via 123rf.com
Contents

On Dec. 4, Bitcoin recorded its highest hourly USD volume in its entire history. As the graph below shows, more than 8.9 bln in BTC was moved on-chain.      

image by @n3ocortex

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Contain your excitement 

One might think that this a sign of much-coveted mass adoption, but there is a more trivial reason behind this massive transaction spike. It appears that the new record was set simply because of cryptocurrency exchanges swapping their gargantuan wallets as a security measure. 

"Whale Alert," the service allows keeping a close eye on huge crypto transfers, recently made a splash on Twitter with multiple $400+ mln transfers between wallets of unknown origin.

A bit later, it had to disable alerts in order not to spam its feed during "peeling," the process of breaking up multi-hundred-million-dollar Bitcoin wallets into smaller ones.    

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Bitcoin goes berserk 

Apart from the new transaction record that ended up having zero value related to adoption, Bitcoin also made a couple of extremely volatile price moves on the same day. 

As reported by U.Today, its price suddenly jumped by nearly eight percent in minutes just to completely evaporate this pump some hours later.       

At press time, BTC is changing hands at $7,284 with its daily trading volume surpassing $13.1 bln, CoinStats data shows.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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