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Bitcoin drops $2,000 in value after $847 million worth of BTC was moved by an entity

Sat, 9 Jan 2021 Source: Naira Metrics

Large crypto entities are definitely up to something, with the prevailing bullish trend at the world’s flagship crypto, as Bitcoin has dropped to $40,000 after an unknown Bitcoin whale moved about $847 million worth of cryptos.

Data retrieved from BTC Block bot, an advanced crypto tracker, revealed that a large entity transferred 20,400 BTC worth $847 million, in block 665,112. A few hours later, bitcoin dropped to around $40,000 at press time.

What this means: Crypto traders should, however, be aware that the prevailing volatility in play in the Bitcoin market is unprecedented. Crypto trading is becoming particularly very risky, which is perfectly outlined by the number of total liquidations in the past few days.

Crypto fans are presently cheering Bitcoin as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally. About $1.45 billion (both bullish and bearish positions) were liquidated in less than a day.

What you should know: In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.

Source: Naira Metrics
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