A mysterious crypto wallet has transferred at least 15 Bitcoins, worth nearly $1 billion to an anonymous wallet. Bitcoin is the most valuable and largest cryptocurrency in the world.
These large crypto accounts can potentially influence the value of a cryptocurrency, which is why these accounts are called crypto whales in the crypto world.
$993,191,088 worth of Bitcoin
According to Blokchain.com, $993,191,088 worth of Bitcoin has been transferred into another wallet. Just over a week ago, 1 Bitcoin reached an all-time high of $67,582.60, and is currently trading at a price of $59,953.290.
Since Bitcoin relies on a Blockchain ledger for its transaction tracking, every transaction is available for public review, and the large shift in funds was noticed by cryptocurrency enthusiasts, platforms, and websites.
“This transaction was broadcast to the Bitcoin network for the first time on November 15, 2021.At the time of this transaction, 15,078.20768150 BTC were sent worth $991,820,563.67 . At present, Blockchain.com reports that the value of this transaction is $912,564,189.99.
However, this was not the first time such transactions were recorded. A mysterious wallet has also transferred nearly $1 billion in Bitcoin earlier in 2020.
Currently, the exact purpose of the transfer is unknown, but it has the potential to cause a short term decline in Bitcoin prices if the amount was to be sold all at once.
According to a report by Benzinga, it only takes about $15 million to $30 million of sell pressure to move the price of Bitcoin down two percent on any cryptocurrency exchange.
The identities of the owners of these wallets remain unknown. According to Glassnode, 522,952 Bitcoin wallets hold worth over $100,000 and are very capable of manipulating the market movement.
Meanwhile, cryptocurrencies fell. Bitcoin slid toward the $60,000 level, while Ether touched one of its lowest levels this month. The price of bitcoin has dropped 4% to about $61,400, according to CoinGecko. The global crypto market cap has dropped some 7% in the past 24 hours to $2.8 trillion.