By Tobi Loba
As reported by Whale Alert, the tracker of large transactions of cryptocurrencies to and from exchanges, a Bitcoin whale has moved the sum of 5,000 BTC worth $44,411,972 from Bitfinex exchange to an unknown wallet.
Bitcoin (BTC) Whale Moves 5,000 BTC from Bitfinex to Unknown Wallet
Going by the report as shared by Whale Alert, the transfer of the $5,000 BTC was effected on 11th May 2020, at 14:19:08 UTC, from Bitfinex exchange to an unknown wallet 3QuMzvAWmmZwzj6BJnHJsLn4DYPGjDuNJV.
Whale Alert shared this, “5,000 BTC (44,411,974 USD) transferred from Bitfinex to unknown wallet.”
🚨 🚨 🚨 🚨 5,000 #BTC (44,411,974 USD) transferred from #Bitfinex to unknown wallet
— Whale Alert (@whale_alert) May 11, 2020
Movements of Huge Bitcoin (BTC) and Tether (USDT) a Few Hours to Halving
Bitcoin halving is around the corner when the block reward is expected to be reduced by half. Many expectations hang around this periodic event, which has seemingly increased crypto whale’s activity.
More huge transfers from Tether (USDT) treasury to unknown wallets have been usual over the past hours, indicating the readiness of investors to what this Bitcoin halving has to offer. Nobody wants to be caught unaware.
There have been lots of positive post-halving predictions for Bitcoin (BTC). Many crypto analysts are optimistic due to the history behind the much-awaited event that takes place once in 4 years.
Considering the halving conducted in 2012 and 2016, which resulted in the exponential price increase that makes Bitcoin (BTC) to now trade above $8,000, it’s generally believed that the digital currency could replicate the same exponential price trend to trade at $50,000 and beyond.
Due to the sovereignty of Bitcoin over other cryptocurrencies and the correlation of the price of Altcoins BTC, the having is expected to be generally beneficial.
After the last halving, virtually all cryptocurrencies in the market recorded their price all-time highs. There is an earnest expectation for the repeat of the scenario from the Altcoin holders. So, this halving is seemingly for all.
The Situation of Bitcoin (BTC) in the Market
In the past few days, Bitcoin (BTC) has been displaying high price volatility, both positively and negatively. Its latest huge trend was the drop from around $9,500 to $8,600 price level in a very short interval, which reveals the capability of the digital currency in terms of volatility.
The crypto world is watching how Bitcoin will react to this highly anticipated and publicized event afterward. At the time of filing this report, BTC is trading at $8,521.55, with a 0.33% price downtrend in the last 24 hours.
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