Mysterious Bitcoin Move to Binance Makes BTC Price Plummet Again: Details
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As the world’s flagship cryptocurrency has staged a massive plunge over the past 24 hours, @lookonchain analytics platform has noticed a curious Bitcoin transaction that preceded this price fall. It pointed out that this is not the first time that this whale has sold a massive BTC amount, right before the price stages a big fall.
Yuri MolchanBitcoin plummeted over whale? Here's what happened
@lookonchain has spotted a mysterious cryptocurrency holder (large holders like this are often referred to as whales within the crypto community) who transferred a massive 4,637 BTC chunk to a hot wallet linked to the Binance exchange within the last 24 hours. The amount of Bitcoin transferred comprises a hefty amount of fiat – roughly $329 million.
It happened right when Bitcoin demonstrated an astonishing 9.93% plunge, losing approximately $7,400 from its market price. While yesterday’s Bitcoin fall was followed by an attempt to regain some of the losses, today BTC lost an astonishing 8% worth $5,800.
The aforementioned blockchain sleuth pointed out that this is not the first time this whale’s transaction has coincided with a big Bitcoin decline. Previously, BTC plummeted on March 5. Back then, the same whale had transferred a slightly bigger chunk of Bitcoin to the world’s largest exchange – 4,876 BTC coins evaluated at $319 at the time when the transaction was made.
Arman ShirinyanRobert Kiyosaki loves gold, but he prefers Bitcoin
Famous investor and author of the “Rich Dad Poor Dad” book on managing personal finance Robert Kiyosaki is known as a vocal Bitcoin supporter. In a recent tweet, Kiyosaki stated that he prefers Bitcoin to all other traditional mineable high-value assets.
The writer and financial expert shared that aside from Bitcoin, he owns gold, silver and even several oil wells. However, he pointed out that the "trouble" with all these assets is that once their price goes higher, more gold, silver and oil can be produced (mined).
It does not work the same with Bitcoin, Kiyosaki reminded his 2.1 million X/Twitter audience, since BTC is forever limited to only 21 million coins, and more than two thirds of them have already been produced by miners. For this reason, Kiyosaki’s bet on Bitcoin is much bigger than on gold and silver.
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