Cryptocurrency price

Cryptocurrency: Falling Prices Causes Third Largest Bitcoin Whale To Add Over 700 Coins In 2 Days

Bitcoin’s latest price drop allowed the cryptocurrency’s third-largest whale wallet to add 729 coins worth around $ 31 million (around Rs. 228 crore) to the current value. With its last moment of purchase, the mysterious whale wallet now owns more than 112,000 BTC, which works out to around $ 4.857 billion (roughly Rs. 35,805 crore), according to data from BitInfoCharts. The data showed that the wallet bought Bitcoin in two pieces – 408 and 321 coins. This is not the first time that whales have benefited from lower prices. They often accumulate a large number of crypto coins whenever an opportunity presents itself.

While the wallet bought BTC 408 early this morning (September 23), it got the other 321 coins last night. While the last transaction was made when Bitcoin was trading around $ 43,294 (around Rs. 31.9 lakhs), the previous purchase was made when Bitcoin’s price was $ 41,673 (around Rs. 30, 7 lakhs).

The BitInfoCharts data showed that the whale’s address – 1P5ZEDWTTKTFGxQjZphgWPQUpe554WKDfHQ – made several transactions in the recent past.

These purchases were made at a time when the value of Bitcoin has fallen significantly from its peak at the start of the month. Bitcoin broke through the $ 50,000 mark (around Rs. 36.8 lakhs) towards the end of last month and remained above for more than a fortnight, peaking at $ 52,000 (around Rs. 38.3 lakhs) on September 7. But quickly started to slip and has now lost almost $ 10,000 (around Rs. 7.3 lakhs) in two weeks.

According to CoinMarketCap, Bitcoin was trading at $ 43,889 (around Rs. 32.3 lakhs) at the time of writing.

Following the April-May stock market crash, several whale accounts also attempted to accumulate crypto coins. By this time, Bitcoin had fallen below $ 30,000 (around Rs. 22.1 lakhs), making the investment profitable.

Recently Salvadoran President Nayib Bukele, whose Central American country made Bitcoin legal tender this month, bought the decline. He announced on Twitter that his government had purchased an additional 150 Bitcoins, bringing their total holdings to 700 coins. He even suggested that Bitcoins brought in during a price collapse were the best bet against inflation.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links can be generated automatically – see our ethics statement for more details.

Source link