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Monday, November 29, 2021

Someone just transferred $1 billion worth of Bitcoins, to another mysterious wallet

Since Bitcoin, is based on a Blockchain technology, the shift of funds was publicly recorded. Currently, 1 Bitcoin is trading at a price of $60,304.90,

By: Tech Desk | Pune |
Updated: November 17, 2021 1:59:21 pm
Venture capitalists are betting billions of dollars in cryptocurrency. (File Photo)

Nearly $1 billion worth of Bitcoins, the world’s largest and most valuable cryptocurrency, has been transferred from a mysterious crypto wallet to an anonymous wallet. At least 15 Bitcoins were transferred between two anonymous wallets. Accounts holding such large crypto coins are potentially capable to influence or even manipulate the value of the cryptocurrency and are called— crypto whales, in the crypto slang.

According to Blokchain.com, the amount of Bitcoin transferred into another is a whopping $993,191,088 (roughly Rs. 7,395 crore). Currently, 1 Bitcoin is trading at a price of $59,953.290, compared to the all-time high of $67,582.60, just over a week ago.

It is worth noting that since Bitcoin, is based on a Blockchain ledger, every transaction is publicly recorded, and the hefty shift of funds was quickly noted by cryptocurrency enthusiasts, platforms, and websites.

“This transaction was first broadcast to the Bitcoin network on November 15, 2021. At the time of this transaction, 15,078.20768150 BTC was sent with a value of $991,820,563.67 (roughly Rs. 7,385 crore). The current value of this transaction is now $912,564,189.99 (roughly Rs. 6,794 crore),” Blockchain.com had said.

But, this is not the first time such transactions have been recorded. Earlier in 2020 too, nearly $1 Billion in Bitcoin has been transferred out of a mysterious wallet.

The exact purpose of the transfer is currently unknown, however, if such a sum was to be sold all at once, it could tumble the Bitcoin prices, at least for the short term. It only takes about $15 million (roughly Rs 111 crores) to $30 million (roughly Rs 223 crores) of sell pressure to move the price of Bitcoin down two percent on any cryptocurrency exchange, according to a report by Benzinga.

At the time of writing this article, details about the owners of these wallets remain unknown. Interestingly, there are 522,952 Bitcoin wallets that hold worth over $100,000 (roughly Rs. 75 lakh) and are fully capable of manipulating the market movement, as per a report by Glassnode.

Meanwhile, cryptocurrencies fell on Tuesday, with Bitcoin sliding toward the $60,000 level and Ether touching one of its lowest levels this month. Bitcoin, the largest digital token, was down 4 percent at about $61,400. Global crypto market cap has dropped some 7 percent in the past 24 hours to $2.8 trillion, according to cryptocurrency tracker CoinGecko.

Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.

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