Bitcoin Whales Buy $3.12 Billion In BTC In Last 24 Hours As Crypto Braced For Fed Hike | Bitcoinist.com

Bitcoinist

Bitcoin immediately felt the impact of Wednesday’s Federal Reserve interest rate increase and failed to gain upward traction. Other macroeconomic variables also contributed to the decline of the world’s leading cryptocurrencies, including Ethereum and other significant cryptocurrencies.

Bitcoin lost its grip on the critical $19,000 handle following the U.S. central bank’s announcement. As of this writing, BTC is trading at $18,950, down 5.5% in the last seven days, data from Coingecko show.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As this situation evolved, a whale tracker observed many BTC accumulation transactions, indicating that whales are buying the dip.

Bitcoin Whales Quick To The Draw, Buy The Dip

In the past 24 hours, more than 166,000 Bitcoins have been transferred from cryptocurrency exchanges to unknown wallets, according to Whale Alert. The total amount of all registered transactions exceeds $3.12 billion.

A cryptocurrency wallet containing $40,754,647 in BTC has just sent the funds to Coinbase, while a Bitcoin whale moved $26,447,771 worth of Bitcoin away from the exchange.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The majority of BTC transfer transactions reported include more than 9,500 Bitcoin. However, the majority of whale trades occur on the Huobi cryptocurrency exchange.

A Bitcoin whale, often known as a “crypto whale” or just a “whale,” is a word used in the cryptocurrency community to refer to persons or organizations that hold huge quantities of cryptocurrency.

Coinbase Banner  

These “whales” are investors who own at least $10 million in Bitcoin and who send cryptocurrency from exchanges when they intend to hold their investments for a prolonged period of time.

Keeping huge sums of money on an exchange increases the danger of loss, as exchange wallets are the most desired target for cryptocurrency thieves.

Massive Crypto Transfers Are Often Bearish Signals

Over the previous several hours, more than 43,000 BTC have reportedly been transferred from the Huobi wallet on Binance, according to a report by Wu Blockchain. The overall outflow has been estimated to be approximately $820 million.

The cryptocurrency exchange Huobi has replied to these mega-transactions. It was suggested that the regular withdrawal behavior of users caused the internal movement of funds.

FreeBitcoin Banner  

Huobi also reported another whale Alert transaction involving the transfer of 99,999,000,000 USDT to an unidentified wallet. designated these as internal text. The withdrawal operation of the user was responsible for initiating the text.

Transfers of cryptocurrency from wallets to exchanges are often a negative sign. When whales move crypto to an exchange, they are often in search of liquidity.

It seems unlikely that the investor intends to store their crypto on Coinbase, as the security concerns associated with storing large quantities of crypto on an exchange are greater than those associated with storing these assets in a hardware wallet.

It could be that that this Bitcoin whale intends to sell the crypto or trade it for alternative crypto assets.

BTC total market cap at $365 billion on the daily chart | Source: TradingView.com

Featured image from CoinCentral, Chart: TradingView.com

Go to Source
Author: Jet Encila


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.