Although Bitcoin’s price movement at the moment may not put a smile on the face of investors, a transaction in the last few hours leading up to press time provided a perfect reminder of why we’re all here.
A Bitcoin whale wallet transferred 32,490 BTC ($313,096,450) in less than ten minutes for a small transfer fee of 0.0072 BTC ($69.4).
The other transaction with similar volume that Coinfomania reported was a transfer of BTC worth $1.26 billion in two transactions by crypto exchange, Binance for a fee of $124.60 in total.
Without a doubt, cryptocurrency transfers see faster, cheaper, settlements without the need for a middle man. Also, they do not attract any censorship from banks and governments, unlike Gold Bars or Fiat.
Lastly, it is impossible to move through legacy systems, such a large volume of wealth ($313 million), either within or across borders for a mere $69.
Was the 32,490 BTC Transaction a Dump?
When a transaction of this volume happens, a common fear for Bitcoin investors is that a whale wallet holder is about to dump their crypto holdings, a move that could trigger a massive market sell-off.
At the time of writing, however, this 32,490 BTC transaction has not triggered any sell-off with Bitcoin’s price continuing its past 24-hours sideways movement between $10,100 and $9,600.
Apparently, a few more hours would have to elapse before anyone can ascertain which way this large volume of Bitcoins will go, either inside or outside the market.
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