Anonymous Bitcoin Whale Just Moved $30M Worth Of BTC Off Bitfinex – Bitcoin (BTC/USD)

Anonymous Bitcoin Whale Just Moved $30M Worth Of BTC Off Bitfinex – Bitcoin (BTC/USD)

  • Bitcoin
  • November 18, 2022
  • No Comment
  • 6

What happened: A Bitcoin BTC/USD whale just sent $30,056,296 worth of Bitcoin off Bitfinex.

The BTC address associated with this transaction has been identified as: 1EkYRCRcUYECUCenMWMWb8R6Yc3XuqAEx2.

Why it matters: Bitcoin “Whales” (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

The best way to secure Bitcoin is through holding it on a hardware wallet, which can’t be done through holding digital assets on an exchange. Hardware wallets store one’s private keys in an offline device, making it impossible for funds to be hacked via the internet.

According to Glassnode, only 12.27% of the total supply remains liquid across all centralized exchanges.

The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Bitcoin is down 0% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

Source link

Related post

Two communities find a cure for medical debt: pandemic stimulus funds

Two communities find a cure for medical debt: pandemic…

Local governments in Ohio and Illinois are using American Rescue Plan Act money to relieve residents struggling with medical debt by…
Researcher believes bitcoin may become as important as the internet

Researcher believes bitcoin may become as important as the…

“Cryptocurrency is primarily a private currency, which unlike ordinary fiat money isn’t controlled by the state,” says Svein Ølnes, a senior…
Our multi-asset investment views – November 2022 – US

Our multi-asset investment views – November 2022 – US

Key Positive/neutral Positive/ neutral Neutral/negative Neutral/ negative We have tactically upgraded to neutral as we see a…

Leave a Reply

Your email address will not be published.