Bitcoin Whales Move $2.4 Bln in Bitcoin (BTC) as Bitcoin Price Nears $10,000

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Thu, 02/06/2020 - 19:29
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    As the Bitcoin (BTC) price comes close to $10,000 Bitcoin whales seem more active and make five gargantuan transactions of 49,500 BTC each, sending some of it to Bittrex

Cover image via 123rf.com

Bitcoin has made a leap from the $9,255 area on February 5 to the current level of $9,815 at the time of writing, as per data from CoinMarketCap.

Seemingly anticipating large profits, Bitcoin whales started moving part of their funds. The Whale Alert account detected several consecutive transfers on the Bitcoin blockchain, around 49,500 Bitcoins each.

One of those five transactions was made to the Bittrex exchange.

Whale Alert BTC
Image via Twitter

$2.4 bln worth of BTC moved in five goes

In these five transactions only five crypto wallets were involved, which means that the BTC was sent between two of those addresses each time. The total amount transferred is approximately 248,360 BTC. The fiat equivalent of this sum in USD is $2,439,208,133.60.

Two transactions involve an address from the Bittrex exchange – during the first one, it received approximately 45,500 BTC. In the course of the second, it sent the same amount of crypto away.

Many crypto community members believe that the so-called whales, who own tremendous amounts of crypto, are able to manipulate market prices by triggering price dumps via sell-offs or initiating price surges when they start mass purchasing digital currencies.

As for the last transaction, though, Whale Alert commented:

"This is the change of a transaction. The actual transfer here is 100 #BTC"

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Meanwhile, Bitcoin is nearing $10,000

At the moment, the price of the flagship currency is close to the $10,000 mark, trading in the $9,800 area so far.

Some traders believe that BTC is going to hit the crucial price level today.

BTC Moon
Image via Twitter

 

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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.

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