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Unknown bought bitcoin for $ 1 billion. How will this affect the market?

Unknown bought bitcoin

Unknown bought bitcoin for $ 1 billion. How will this affect the market?

Unknown bought bitcoin for $ 1 billion. Buyers own 18 addresses, each of which stores 8,000 bitcoins, purchased back in 2018. During this time, investments in the main cryptocurrency brought 695% of the profit.

One or more large cryptocurrency holders bought 29.8 thousand bitcoins for $ 923.8 million on July 16-18, according to BitInfoCharts data. According to the service, the purchased digital coins were distributed to 18 addresses, each of which already contained 8 thousand bitcoins purchased back in December 2018.

Then the cost of the main cryptocurrency was $ 3.9 thousand per coin. In 2018, $ 561.6 million was spent on the purchase of these 144 thousand bitcoins. At the exchange rate as of July 19, the value of these digital coins is $ 4.4 billion (695% of the profit).

On July 12, it became known about the transfer of 740 bitcoins, which were without movement on the wallet of a certain holder since May 2012. Nine years ago, the cost of these coins was $ 3.7 thousand ($ 5 per BTC), and at the time of the transaction – $ 26.1 million. For 9 years, the value of digital coins has increased 7 thousand times. 

Who could buy such a volume of bitcoins?

“Whales” often accumulate bitcoin on a fall in price, therefore, large purchases during the correction period. According to her, Bitxmi experts, most likely, these funds belong to individuals, and not to exchanges. Most likely, a private investor is behind the purchase of bitcoins for almost $ 1 billion, who divides the cryptocurrency into different addresses for the safety of assets.

“There are investors of different categories, for some working capital is $ 1,000, for others, it is $ 1 billion. And the one who has this billion decided to buy right now. Of course, they pay attention to such large purchases and even try to copy them, ” – analysts say.

The owners of such capital are not in the mood for momentary speculations, they are ready to hold their positions for months or even years.

Impact on quotes

Such large purchases are a good sign for a market reversal, experts say. The risk that this cryptocurrency holder could crash the market while taking profit is minimal. This is explained by two factors: firstly, the probable goal of the “whale” is to sell at a price of at least $ 50 thousand, and secondly, professionals always exit the asset gradually. It is highly likely that the whale will sell bitcoin through the OTC market, which will not affect the situation in the general market.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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