By Solomon Odunayo
A $1 billion worth of Bitcoin transaction has caught the attention of thousands of cryptocurrency investors and making waves among the crypto pundits.
Bitcoin Whale Transfers 88,989 BTC
On 3rd August 2020, a Bitcoin whale initiated a transfer of a total of 88,989 BTC worth over $1 billion at the time of publication, for a transaction fee of just $9.15.
The notable transaction was first spotted and reported by a popular blockchain tracker, Bitcoin Block Bot. BitInfoCharts, a cryptocurrency data firm, also revealed that the Bitcoin address where the huge transaction was initiated appears to be connected to cold storage belonging to the top cryptocurrency exchange, Binance.
Cold wallets are intended not to connect to the internet to prevent crypto hackers from gaining unauthorized access into customers’ crypto assets.
The report reveals that the said BTC was transferred into two different addresses. 68,101 BTC worth $763,235,147 was moved to an anonymous wallet, while the rest was sent to another cold wallet probably owned by Binance.
The cryptocurrency block explorer further revealed that the exchange’s wallet received the sum of 88,989 BTC on 30th April 2020, stating that no transaction was effected on the wallet in question until the recent huge transaction. The data shared by Blockstream shows that Binance saved up to 36% in transaction fees through SegWit.
Other Notable Bitcoin (BTC) Transactions Monitored
Whale Alert, the advanced blockchain tracker and analytics system reporting large crypto transactions as they happen, also reported four different transactions initiated by crypto whales in the past hours.
According to the report, two of the transactions moved BTC to cryptocurrency exchanges, which implies a selloff, while the other two sent Bitcoin to unknown wallets.
Bitcoin (BTC) in the Market
About two days ago, the price of Bitcoin (BTC) made a huge drop after retesting $12,000 resistance level. Since then, the digital token has been lingering above $11,000 support level.
However, some crypto analysts believe that the king of coins stand the chance to make a fresh upside movement. At press time, BTC is priced at $11,235.40, with about $1% price plummet based on 24 hours estimation.