What Next? 47,452 BTC Moved From Bittrex Amid Bitcoin Price Struggles

At a time when Bitcoin (BTC), the world’s most valued digital currency, is causing shockwaves to the crypto community following its recent price downtrend, Whale Alert, a global live cryptocurrency transactions monitor, just spotted a huge amount of BTC moved, supposedly by a whale.

According to data, a total of 47,452 BTC worth 414,953,919 USD was transferred by 04:49:09 UTC on Thursday, February 27, 2020, from Bittrex, a crypto to crypto exchange based in the United States. The BTCs were moved from two Bittrex addresses to unknown wallets.

The eye-catching part of the transactions is the fee which with the funds were moved.

According to data from Blockchain.com, the transaction only caused 0.00007740 BTC worth 0.68 USD, not up to a dollar. Unlike the traditional system of payment, which will charge higher, this property is inherent with Bitcoin and cryptocurrency in general.

Similarly, bitcoins (49,922 BTC) worth $458,100,287 were moved earlier in February, from three different wallets Bittrex cryptocurrency exchange, for just 0.00006280 BTC (a mere $0.58 at that time). This backs several opinions that cryptocurrency might just be the future of the money we look forward to seeing. 

Aside from this aspect, the transaction today has raised speculation on Twitter, whether it was a usual whale transfer or if Bittrex exchange had an issue, probably a hack. A few others argued that the cryptos were being moved to cold storage wallet. 

Bitcoin Continues to Struggle Its Way Up

The fluctuation in the price of Bitcoin began on February 17, after the breakdown at a low of $9,600. Fast forward to February 19, and bulls find it challenging to break through the $10,000 resistance, with the price fluctuating between $9,400 and $10.250. 

According to the data provided by Coinmarketcap, the top cryptocurrency is seeing a 3.99% negative price change to be worth $8,816.70 at the time of the report. The market cap is around $160,813,883,617.

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