Why did $9 billion of Bitcoin move in an hour?
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Answer Why did $9 billion of Bitcoin move in an hour?
A total of 1.3 million bitcoins worth nearly $9 billion were moved in one hour yesterday, December 4th.
Despite this, the price of Bitcoin remained almost flat at the $7,300 level, after briefly surging above $7,500 on the same day of the transfer.
According to Rafael Schultze-Kraft, co-founder of Glassnode, an online market intelligence service, the transfer of $9 billion Bitcoin is the highest dollar transaction volume in one hour in Bitcoin history.
Why did it move $9 billion from Bitcoin?
Answer: It was reported by a source.”glass“This latest move was largely due to the crypto trading platform Bittrex, from which about 1.18 million bitcoins or about $8.7 billion were moved through a series of transfers of 21 transactions, each consisting of about 56,000 bitcoins.
Read:SEC threatens to sue Coinbase over high-interest crypto product
This move coincides with Bittrex’s scheduled maintenance, which saw the platform upgraded yesterday, December 05, 2019.
Each of these transactions had a fee of about 0.00008 BTC, or about $0.60.
This means that Bittrex was able to move nearly $9 billion for less than $12.50.
At the moment, it remains unclear why Bittrex is converting nearly $9 billion worth of bitcoin, but some have speculated that the platform is upgrading on its cold storage system.
These significant moves have been linked to similar transfers from cold storage previously, in which Binance moved nearly $1 billion from bitcoin to cold wallet last July.
Such a large shift is usually considered a bearish signal, as it may increase selling pressure.
On the contrary, large groups of bitcoins moving away from the platforms are usually seen as bullish, as this indicates a decrease in supply.
(The price of a currency is greatly influenced by supply and demand).
However, since this is just an internal transfer, it is unlikely to significantly affect the Bitcoin price movement.
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