Anonymous transfer of US$875-mn worth of Bitcoin raises questions

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Anonymous transfer of US$875-mn worth of Bitcoin raises questions

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 Anonymous transfer of US$875-mn worth of Bitcoin raises questions
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Highlights

  • Bitcoins worth US$875 million were transferred anonymously between two cryptocurrency wallets, raises disbelief and many questions.

  • Bitcoin’s current price is US$56,942.46, up 0.4% at 4:53 pm ET, Thursday. 

  • Bitcoin had touched an all-time high of US$69,044.77 on Nov 10, 2021. 

A recent anonymously transfer of US$875 million worth of Bitcoins between two cryptocurrency wallets has raised disbelief and many questions.


The incident has triggered various reactions from the crypto community. The case pertains to crypto whales that have a vast reserve of Bitcoins worth millions of dollars. It could have a massive impact on the Bitcoin prices if the transferees sell them in a sudden move. 

Anonymous transfer of US$875-mn worth of Bitcoin raises questions

According to experts, bulk Bitcoin sales of around US$15 million to US$30 million could bring down its price by around 2%. However, the latest transaction was not executed via an exchange, raising fears of a criminal hack. 

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Bitcoin worth US$875 million transferred anonymously between two crypto wallets.

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The Transfer

According to Blockchain.com, the total value of the transfer was worth US$875 million. The transaction was done without engaging any exchange. 

According to blockchain company Glassnode, currently, there are around 494,744 Bitcoin wallets that jointly hold more than US$100,000 worth of Bitcoins.

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Bitcoin is the world’s most expensive cryptocurrency. As the name suggests, Crypto whales hold a large number of Bitcoins. Hence, they can influence the prices if traded in bulk. 

Bitcoin’s current price is US$56,942.46, up 0.4% at 4:53 pm ET of Thursday. It touched an all-time high of US$69,044.77 on Nov 10, 2021. 

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Bottomline

The latest transaction did not affect the Bitcoin prices much. However, the purpose of the anonymous transfer was not immediately known.

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