Recently, one of the richest Bitcoin addresses woke up and someone transferred 66,233 BTC, worth over $257 million. This address has not been active since 2014.
At the time of writing, the destination of the funds is unknown. This is most likely an OTC address as such huge amounts could very easily cause a serious dump. The amount of funds transferred exceeds the entire turnover of the Binance exchange ($205 million) and the Bitfinex exchange ($155 million) over the past day.
In addition, the commission for this transaction was only $43. For such a large amount this is amazingly small. Also, to make it harder to track, the transaction was split among a large number of SegWit addresses.
This is terrible news for bulls, however, if the destination is OTC market, then the impact on the exchanges will not be very significant.
If the destination is an exchange, then this situation can have a very negative impact on the cryptocurrency. This could turn out to be price manipulation and could cause the price of Bitcoin to plummet to $3,000.
But it is worth noting that any seller, especially one selling that much, would want to maximize the average selling price rather than manipulate it.
According to cryptopotato.com
You May Also Like
Bill Clinton will speak at the Ripple conference
Former US President Bill Clinton will speak at Ripple's Swell conference later this year, which will cover the use of blockchain in financial services, new market opportunities in remittances and digital asset regulation in Europe, Asia and the Middle East.
Blockchain takes to the skies
The Lufthansa Innovation Center (LIH) and SAP.iO Berlin Foundry have teamed up to launch the world's first aviation Global Blockchain Challenge. The recently announced competition is essentially a way to bring awareness to the use of blockchain technology in the Travel and Mobility Tech fields.
