$566,900,000 In BTC On The Move – Coordinated Whale Action Could Be Behind The Crypto Market Crash
As you probably know by now, the crypto market fell the past week and Bitcoin lost about 50% of its value in just a couple of days.
There have been various assumptions regarding the reasons which led to such a disaster and, as expected, the coronavirus pandemic and the massive fear that comes along with is has been seen as the main reason for this.
On the other hand, the online publication the Daily Hodl revealed that there’s a massive whale activity underway.
Bitcoin whales are moving funds
A few days ago, some of the biggest BTC investors had moved a total of 107,209 BTC worth $566.9 million.
The largest single transaction sent 47,846 BTC worth $252.2 million between two wallets that have an unknown origin.
The Daily Hodl cited info from the blockchain analysis firm Crypto Quant and suggested that the whales have been gearing up to sell massive amounts of Bitcoin well before the market’s major crash that began on March 12th.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 47,846 #BTC (252,245,182 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) March 17, 2020
The online publication mentioned above notes that the numbers show the amount of Bitcoin being deposited on crypto exchanges began ramping up on March 8th.
This massive move is hinting at the fact that there’s a coordinated effort to sell BTC that had already begun. The Daily Hodl cited info from CoinDesk’s analyst Omkar Godbole.
At the moment of writing this article, Bitcoin is trading in the red, and the most important digital asset in the crypto space is priced at $5,990.30.
On the other hand, amidst the global disaster, more analysts believe that in times like this, Bitcoin, crypto, and the blockchain tech will be eventually showing their benefits and usefulness.
Due to the enormous outbreak, lots of people believe that crypto is the answer, and it could help prevent the spreading of the virus. Check out our previous article to learn more.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.