Coinfomania: Where blockchain and cryptos live.

Breaking — $313 Million BTC Moved for $69 in Suspected Dump

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 transaction which was first detected by the crypto transfer monitoring website, WhaleAlert, is apparently one of the most significant Bitcoin transactions done in recent times. 

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.

The Takeaway

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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