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Date:
28th Oct 2020
Author:
CryptoAltum Research Team

$1.15 Billion Worth of Bitcoin Moved for $3.54

On Oct 27, 88,857 BTC worth $1.15 billion were moved on the Bitcoin network for a paltry $3.54, on-chain transaction trackers reveal. While the price wasn’t impacted, the humongous movement of value across the secure network transparently demonstrates its efficacy and how it has matured to be trusted by whales as a cheap agent of moving wealth without third-party involvement.


Details: 

The Bitcoin network is the world’s oldest and secure platform designed primarily to be a value transfer agent. To cut out the middlemen, whose founder said exacerbated the Great Financial Crisis of 2008-09, Bitcoin is secured by distributed computers running the same algorithm thereby confirming the validity of transactions while preventing double-spending. The platform has grown and billions can be transferred highlighting how it is trusted by all grades of transactors.


Impact on the BTC Price: 

Neutral. Traders don’t, at the time of writing, know where the coins were moved to. However, they were likely transferred to a cold storage, not an exchange. If this would have been the case, the Bitcoin price might have been negatively impacted and likely dump. That BTC went to a cold wallet means there are more holders than speculators.


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