Anonymous Bitcoin User Transfers 9,156 BTC Just before the Crash

Bitcoin price crashed below $30,000 on Monday as the world’s largest cryptocurrency lost $50 billion in market cap within hours. An anonymous Bitcoin user transferred 9,156 BTC worth nearly $300 million on Monday just an hour before the crash started.

According to the details provided by Whale Alert, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tracker and analytics system, an unidentified crypto holder transferred 9,156 Bitcoin on Monday 4 Jan 2021 06:59:39 UTC, hardly an hour before the recent dip in the cryptocurrency market.

The Bitcoin user shifted the amount to an unknown wallet and has not been spent since then. Similar transactions were reported by Whale Alert earlier today when anonymous cryptocurrency users transferred 4,000 Bitcoin and 2,000 Bitcoin respectively in two separate transactions.

The volatility in the crypto market has increased significantly since the start of 2021, the price of Bitcoin jumped above $34,000 on Sunday and recorded a massive gain to reach an all-time high level. Finance Magnates earlier reported about Ethereum breaching the $1,150 mark as the world’s second-largest cryptocurrency gained more than 30% in 24 hours.

Bitcoin Crash

The price of Bitcoin dipped below $30,000 on Monday after the recent correction triggered a $70 billion sell-off in the crypto market. Bitcoin is currently trading above $30,000 as the market cap of the world’s largest cryptocurrency dipped from $615 billion to $560 billion. On the other hand, Ethereum is currently trading below $1,000, a significant drop from $1,150. The recent price rise in Bitcoin and Ethereum not only helped retail investors but also pushed the value of Grayscale’s crypto assets under management to a new high. Last week, the world’s largest crypto asset manager reported that the total value of its assets under management jumped above $20 billion. The latest data from Bybt shows that the value of Grayscale’s crypto assets under management has crossed $23 billion.

The recent market crash in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term shows that the market is set for a volatile 2021 due to growing demand and an uncertain regulatory environment.