Massive Bitcoin Whale Transaction Of $1B Makes Waves

A massive Bitcoin whale transaction has been making headlines in the latest cryptocurrency news as the investors and investigators are both speculating from where the BTC came and was withdrawn.

The  wallet shows that 94,505 Bitcoin was moved on September 5. What’s interesting is that the same wallet has previously been involved in only seven transactions including the massive Bitcoin whale transaction and move. The previous moves are not big and include a $6,444 deposit early on September 6 and deposit of $6.66 a few hours after that.

Many best cryptocurrency news sites as well as the blockchain analysis firm TokenAnalyst noticed that many of the transactions came from Huobi wallets. “Our team is looking into the validity of the claim,” said an official Huobi spokesperson.

The massive Bitcoin whale transaction changed Bitcoin’s price from $10,569 to $10,790 and follows what is a similarly mysterious $780 million BTC move which took place last week. Many suggested that this move was actually a deposit into the new Bakkt Warehouse producr or liquidated funds from the PlusToken Ponzi scheme. TokenAnalysr even created a chart illustrating the move.

$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? 🤔

We took a look and saw that a large percentage of it could be traced to @HuobiGlobal addresses pic.twitter.com/4jdeYMgyNG

— TokenAnalyst (@thetokenanalyst) September 6, 2019

Meanwhile, the latest Bitcoin and coming altcoin news show that the market lost a couple of billions overnight and is in sideways trading after days of growth and stability. Bitcoin, for instance, managed to lose 3% and is now trading at $10,399 with a $186 billion market cap and a dominance of 70.9% which is a high number. This shows that the massive Bitcoin whale transaction did not affect BTC that much.

Ethereum (ETH) is second on the list and trading at $170 flat, after dropping less than 3% overnight. The daily trading volume for ETH is at around $7 billion, making up a significant deal of the total daily volume. Ripple’s XRP token also lost 2% and is at $0.25 – a price level which is known on the markets.

Meanwhile, Litecoin (LTC), Binance Coin (BNB), EOS (EOS), Bitcoin Cash (BCH) and Bitcoin SV (BSV) are all in sideways trading, having lost 1% to 3% overnight. The market is in a downfall and the total cryptocurrency market cap is at $262 billion, showing signs of lost momentum. No one knows if the losses will extend or a new bullish run will come and erase them.