By Solomon Odunayo
According to Whale Alert, the tracker of large cryptocurrency transactions from and to exchanges, the sum of 48,952 BTC was moved from an unknown wallet to another.
The total funds moved is approximately $486,912,816 at the time of writing.
However, the huge transaction possibility has little or no impact on the price of Bitcoin (BTC), but the present price trend of the cryptocurrency could be the effect of the huge movement. This transfer was hinted via Whale Alert’s official Twitter handle a couple of hours ago.
According to the report, the transfer (48,952.168 BTC) was effected on Sunday 16th February 2020 at 09:45:09 (UTC).
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 48,952 #BTC (490,595,680 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 16, 2020
Past Effect of Bitcoin Whale Activities
Bitcoin Whales are the set of people with a huge sum of BTC in their wallets. Virtually all cryptocurrency enthusiasts believe that this minority owns and controls the market due to the amount of Bitcoin in their possessions.
There are times in which their activities look suspicious. For instance, sometimes in 2019, when Bitcoin started regaining surging momentum before recording its 2019 all-time high of relatively $13,900.
Back then, BTC was priced around $8,500, and the crypto enthusiasts were already anticipating for a record price. Afterward, it took Bitcoin a few minutes to downtrend to $7,000 price region after a so-called Bitcoin Whales moved a huge sum of BTC to an exchange.
Many crypto enthusiasts found the transfer manipulative due to its format. The transaction was allegedly preplanned for profits.
The price downtrend took a few minutes and lasted for about 6 hours, after which the same whale ordered the buyback of the same amount of BTC from the exchange to another wallet.
This action alone returned Bitcoin price back to around $8,500 price region. So, the Bitcoin Whale reportedly made relatively $10 million in a very short interval.
The above illustration reveals the impact of Bitcoin Whales in the crypto market. Could we conclude that they control the cryptocurrency market? Maybe.
Bitcoin (BTC) in the Market
24 hours ago, Bitcoin (BTC), the largest cryptocurrency by market capitalization was priced above $10,000 resistance level.
Back then, its price trend was signaling further uptrend, but such hope faltered in a matter of minutes after a determined bear dominated the market.
This also affected the majority of other digital currencies. At the time of filing this report, BTC is trading at $9,899.87, with a 2.6% price downtrend based on 24 hours estimation.