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Bitcoin Starts Dumping After $1,153,612,284 Transaction

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Mon, 10/26/2020 - 17:34
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Alex Dovbnya
Some whale has just moved $1,153,612,284 worth of Bitcoin, which is the largest transaction in history
Bitcoin Starts Dumping After $1,153,612,284 Transaction
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More than $1.15 bln worth of Bitcoin (88,857 BTC) was moved in just one mammoth-size transaction at 14:59 UTC.   

The destination of one of the largest Bitcoin transfers in history remains unknown.

Notably, whoever sent all these coins only had to pay a $3.54 fee, which underscores how efficient Bitcoin is compared to traditional finance.    

A historic transaction

The dollar value of the aforementioned transaction has now surpassed the previous record of $1.1 bln that was set by the Bitfinex exchange on Apr. 10 when it had to refill its hot wallet.

BTC is currently up over 80 percent from Aug. 10 when it was still recovering from a seismic crash in mid-March. On Oct. 25, the leading cryptocurrency had its first daily close above the $13,000 level since early 2018.  

As reported by U.Today, someone also moved almost nearly a billion dollars within one transaction in block 599,361 that was mined last October.

Still, none of these transactions can hold a candle to the 500,000 BTC transfer that was recorded on Nov. 16, 2011. Today, it would be worth a staggering $6.4 bln. Due to the anonymous nature of Bitcoin, nobody knows who was involved in making that historic transfer happen.

Related
Bitcoin Getting More Decentralized, Data Shows

No decoupling

Remarkably enough, Bitcoin saw a sharp drop right after the transfer occurred but the link between the two is very vague.

BTCUSD
Image by tradingview.com

Most likely, the cryptocurrency has returned to “normalcy” by resuming its long-lasting correlation with the stock market that recently dropped to zero.

The U.S. equities market is under severe pressure today due to the never-ending stimulus stalemate, with the Dow shedding 2.88 percent (817.44 basis points) at the time of writing.

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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.