Even as Bitcoin’s price plunged, the cryptocurrency remains the largest and oldest by far. Over $44 billion worth of Bitcoin exchanged hands on November 15 and one transaction alone saw nearly $1 billion worth of Bitcoin being transferred.
November 15 saw the transfer of 15,078.20768150 BTC (Bitcoin tokens) between two anonymous cryptocurrency wallets. While the wallets are privately held and not those of a cryptocurrency exchange, the transfer of the tokens represented $909,289,806 at present value. Currently, 1 Bitcoin is commanding a price of $60,304.90, compared to the all-time high of $67,582.60 just over a week ago.
Since Bitcoin, like most other cryptocurrencies, uses a blockchain ledger to validate its transactions, the hefty shift of funds was publicly recorded. Cryptocurrency enthusiasts, platforms and websites were quick to note the extra-large transfer.
“This transaction was first broadcast to the Bitcoin network on November 15, 2021. At the time of this transaction, 15,078.20768150 BTC was sent with a value of $991,820,563.67 (roughly Rs. 7,385 crore). The current value of this transaction is now $912,564,189.99 (roughly Rs. 6,794 crore),” Blockchain.com had said.
While the exact purposes of this transfer are unknown, it is assumed that it is not for the purposes of selling the Bitcoin since it was not sent to the wallet of any known exchange. If such a sum of BTC was to be sold all at once, it could wreak havoc with Bitcoin prices, at least for the short term.
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According to Benzinga, it only takes $15-30-million BTC to create selling pressure and drive down prices by around 2 percent on cryptocurrency exchanges. The amount transferred is 30 times more than necessary to drive down prices by just 2 percent.
The transfer is amongst the most high-value Bitcoin transfers seen in the year. Earlier in the year, 19,000 BTC was transferred between two wallets for $1 billion at the time. Bitcoin whales often hold millions in Bitcoin, with 522,952 Bitcoin wallets holding over $100,000 in BTC, according to data gathered by Glassnode.
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(Edited by : Shoma Bhattacharjee)