Someone moved approximately 100,000 Bitcoin this week—worth around $633 million at the time of the transaction—for a mere $0.26.
The transaction, carried out on April 1, was caught by the crypto community's resident vigilante, the Twitter account Whale Alert. Whale Alert scours public blockchains for huge crypto trades and publishes information about them on its Twitter page.
Price swings in Bitcoin and other cryptocurrency markets continue to perplex traders and analysts alike, and a plethora of explanations have been put forward to explain them.
News developments? Check. Technical analysis? Check. Retail investor enthusiasm? Check.
But a different explanation for crypto price movements has earned the spotlight in recent days: Whales—individuals and organizations with large crypto holdings.
According to a new report from SFOX, a crypto trading platform, the effect...
Perdata from Blockchain.com, the entire transaction fee amounted to 3935 sats—the equivalent to just $0.26.
As pointed outby several Redditors, the transfer required neither identity checks nor trusted intermediaries, and, of course, cost only a few cents.
By contrast, customers of TransferWise—a popular method of remittance—must pay around $3,600 in fees to send $1 million (the maximum transferable amount). Furthermore, it would take approximately three days for that transaction to arrive.
Tranferwise fees on a $1,000,000 transfer Source: TransferWise
People are taking their crypto off of exchanges
As with any massive transfer, the worry is that the recipient would dump all that Bitcoin on the market, causing the price of Bitcoin to sink.
Fears were allayed when Whale Alert revealed that the transaction was simply an internal transfer from crypto custody service, Xapo. This suggests that Xapo was just shuffling money around rather than preparing for a massive selloff.
It’s often a worrying sign when someone puts a huge amount of crypto into an exchange. But data frommarket intelligence firm Glassnode suggests that the outflow of Bitcoin from exchanges appears to be on the rise.
Glassnode noted a marked increase in Bitcoin withdrawals since Bitcoin’s price plummeted in the middle of last month. In fact, exchange balances hit their lowest ebb in eight months, it reported.
Despite the volatility, #Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18.
As reported by Decrypt, a significant amount of new users have also signed up to crypto exchanges.
Global quarantines in the aftermath of COVID-19 have apparently led to a doubling—and in some instances—a tripling of typical exchange signup rate, according to various leading exchanges.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Circle has priced its initial public offering at $31 per share, raising approximately $1.1 billion in an upsized deal that exceeded both initial size and guidance.
The offering values the stablecoin issuer at $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion including options and warrants.
The company and selling shareholders sold a total of 34 million shares, up from 32 million as of Monday. Circle initially aimed to sell 24 million shares at $24 to $26....
A China-based travel booking firm has told U.S. regulators that its plans to establish a $300 million XRP treasury—a corporate-strategy play that has become all the rage among a small crop of public companies following a recent upswing in the cryptocurrency market, despite apparent risks.
Webus International filed on Tuesday a Form 6-K with the Securities and Exchange Commission detailing its plans to add the Ripple-linked XRP token to its balance sheet. The Nasdaq-listed firm entered into an ag...
A Korean entertainment firm’s stock soared 143% on Wednesday, shortly after it vowed to allocate a good chunk of its new $500 million raise toward building a Bitcoin treasury—a corporate strategy that’s become increasingly popular among public companies as the price has risen in recent months.
K Wave Media, which is listed on the NASDAQ, recently entered into an agreement to sell up to $500 million worth of its common stock to Bitcoin Strategic Reserve KMW, with the aim of reinvesting the procee...
