A large group of mysterious Whale accounts that had been inactive since December 2018 suddenly woke up and added thousands of Bitcoins worth Rs 62,789 crore to their accounts.
The price of Bitcoin has fallen since the last transactions.
- 17 whale accounts have Bitcoins worth Rs 62,789 crore.
- All of these transactions were done almost at the same time.
- The value of Bitcoin has fallen since the transactions.
If you are planning to sell your Bitcoins just because the crypto has been in red for two months, here is the motivation you might need. A large group of mysterious Whale accounts that had been inactive since December 2018 suddenly woke up and added thousands of Bitcoins worth Rs 62,789 crore to their accounts. What’s even more fascinating is that all of those whale counts added these pieces almost at the same time, as if they were in sync.
According to BitInfoCharts which tags Bitcoin addresses belonging to cryptocurrency exchanges, Whale addresses purchased 28,377 Bitcoins worth $ 841.85 million or Rs 62,789 crore. All of these purchases were made on the 17th and 18th. July synchronously. These accounts collectively held 8,000 Bitcoins before their last spending spree over the weekend.
All of these accounts went dormant at the same time and decided to come back and shop on the same day as well. This suggests that all of these mystery accounts probably belong to the same person or group of people. However, there is no way to confirm this.
The accounts seem to follow a pattern though. BitInfoCharts data confirms that at least four of these accounts bought Bitcoin at the same time on July 8 while four more made the purchase at around the same time on July 17. Three other accounts completed transactions later that day.
The purchases come at a time when Bitcoin has been bleeding for most of the past two months. This showed negative sentiment after Elon Musk and Tesla announced that they would not be accepting Bitcoin payments earlier in May. This was followed by crackdowns by different governments due to environmental concerns related to Bitcoin mining.
Whale accounts have become popular among crypto enthusiasts to buy and hold much of the popular coins. The downside is that these accounts have the power to influence the price of any cryptocurrency with a single transaction. In the latter case, Bitcoin has lost more value since the massive transaction took place.
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