BTC Success: $9 Billion In Bitcoin, Moved For Only $18
Despite the huge volatility of the crypto market, there have been a lot of Bitcoin-related predictions lately and, more than that, the interest in Bitcoin has been on the rise as well.
Bitcoin network marks a massive achievement
The Bitcoin network has recorded a brand new on-chain volume record due to a massive movement of BTC made by an important US crypto exchange.
During a single hour, Bittrex was able to move about $9 billion on BTC, says the crypto data ana analysts company Glassnode.
— glassnode (@glassnode) December 5, 2019
“This $8.9 billion spike in on–chain volume was caused by Bittrex moving a large amount of Bitcoin several times – a series of 21 transactions within one hour, each moving ~56,000 BTC.”
It was revealed that each transaction fee cost about 0.00011760, which is approximately $0.87.
This means that in total, Bittrex moved the massive amount of BTC for just over $18.
Bittrex has not released a statement on the reasons for which it moved so many BTC, but it did reveal a period of scheduled maintenance on Thursday.
Check out their tweet below.
#Bittrex Customers: https://t.co/vWO7SITe5n will be offline on December 5 for scheduled maintenance which will result in downtime starting at 11:00 AM PT and may last until 12:00 PM PT. Find out what this means for you: https://t.co/B6llnkBOYK pic.twitter.com/drAPV3kAjY
— Bittrex (@BittrexExchange) December 4, 2019
And just in case you didn’t know, crypto exchanges are moving funds around for security upgrades to transfer crypto between internet-connected hot wallets and disconnected cold wallets.
Such huge transfers can sometimes trigger alarm among crypto traders, but official and premeditated crypto movements made by exchanges don’t usually affect markets.
BTC to hit $250k in three years
Investor and tech venture capitalist Tim Draper said that the prediction that sees the world’s most popular crypto at $250k in three years from now is right on track.
Draper said that BTC would reach the mark in 2023, and this move will be supported by all builders and entrepreneurs in the crypto space who are developing critical infrastructure.
Bitcoin is currently trading in the red, and the most important coin in the market is priced at $7,508.59.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.