A massive transaction involving approximately 15,078 Bitcoin tokens was discovered between two anonymous wallets. The total amount of Bitcoin moved from this whale account to another was $993,191,088. (roughly Rs. 7,395 crore). Concerns about Bitcoin prices sinking have surfaced online, as such whale wallets that hold vast amounts of crypto tokens are capable of influencing market movement on their own.
In a report, Benzinga said this could just be a security move from the whale wallet. The report further noted that It 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 given exchange.
For now, details about the owners of these wallets remain unknown.
As per a report by Glassnode, there are 522,952 Bitcoin wallets that hold assets worth over $100,000 (roughly Rs. 75 lakh) and can influence the market movement.
Earlier in May this year, 19,000 bitcoin tokens were moved between two unknown wallets, reports had revealed.
According to Benzinga, this might simply be a security measure by the whale wallet. According to the article, it takes around $15 million (about Rs. 111 crores) to $30 million (roughly Rs. 223 crores) of sell pressure to bring Bitcoin’s price down 2% on any given exchange.
For the time being, no information on the owners of these wallets is available.
According to a Glass node research, there are 522,952 Bitcoin wallets with assets worth more than $100,000 (approximately Rs. 75 lakh) and the ability to influence market behavior.
According to sources, 19,000 bitcoin tokens were transferred between two unknown wallets in May of this year. The deal was valued at 1.1 billion dollars at the time (roughly Rs. Rs 8,235 crore)
Bitcoin is not just the world’s oldest cryptocurrency, but also the most valuable in terms of market capitalization. According to the Gadgets 360 crypto price tracker, the crypto coin is currently selling for $68.096 (approximately Rs. 50 lakh) per token.
The total amount of Bitcoin tokens in circulation is around 18.8 million, accounting for 90 percent of the 21 million tokens that Satoshi Nakamoto, Bitcoin’s mystery creator, pre-decided to be generated.
“Research company Glassnode disclosed in a recent analysis that just 12.9 percent of the total quantity of Bitcoins has been circulating on various crypto-exchanges since August this year, showing that holders are content to keep their assets rather than try to sell them on exchange platforms.