Bitcoins Valued At Almost $1 Trillion Exchanged Between Anonymous Wallet

A huge transaction of more than 15,078 bitcoin tokens was reported to have happened between two wallets whose identities could not be confirmed.

The total value of the bitcoins that had been transferred between these to the so-called whale wallets is a whopping $993,191,088. It is believed that such whale wallets that have a huge number of bitcoins are able to cause movement in the crypto market singlehandedly which is a cause of concern for crypto investors.

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

According to crypto experts, it appears that the owner of the whale wallet does not want to sell the digital assets as of now because the bitcoins transferred were not sent to a crypto exchange platform.

This transfer of bitcoins can simply be a measure to enhance the security of the whale wallet, said whale wallet in a report. In order to move down the price of bitcoin by about two percentage points on any given exchange, there has been to be between $15 million to $30 million of sell pressure on the exchange the report said further.  

As of now, there has been no clarity on the ownership of the wallets.

In total there are 522,952 bitcoin wallets hath have in them assets worth more than $100,000 and those which can have an impact on the movement of the price of bitcoin in the market, according to a report by Glassnode.

Other reports have revealed that 19,000 bitcoin tokens were moved between two unknown wallets similarly earlier in May this year. The total worth of that transactions at that time was about $1.1 billion.

Apart from being the first cryptocurrency in the world that was developed, bitcoin is also the largest crypto digital currency in terms of market value. According to Gadgets 360 crypto price tracker, the current price of the crypto coin is more than $60.096 per token.

Currently, there are more than Gadgets 360 crypto price tracker18.8 billion bitcoins that are in circulation globally and account for more than 90 per cent of the 21 million bitcoin tokens that were initially decided to be created by the anonymous creator of the digital currency known as Satoshi Nakamoto.

According to a new analysis by research firm Glassnode, just 12.9 per cent of the total quantity of bitcoins has been circulating on various crypto exchanges since August of this year, showing that holders are content to keep their assets rather than try to sell them on exchange platforms.

(Adapted from NDTV.com)



Categories: Economy & Finance, Regulations & Legal, Strategy

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