Just as the market seemed preoccupied with Bitcoin’s 5% stumble that brought it below $50,000, a large sum has been transferred between wallets tagged anonymous. Reportedly, the large sum is equivalent to a mammoth 4 billion in fiat money. The Bitcoin community is eagerly waiting for a market adventure that may or may not follow this feat of strength.
Whale Activity in Bitcoin Trading
The series of tweets by Whale Alert, one of the well-known Bitcoin tracking platforms, has announced large-scale transactions of Bitcoins in a short span of 2 hours. The transactions reportedly moved 75,615 Bitcoins which roughly translate to 4 billion US dollars. The transfer was done in 6 consecutive transactions. Each of these six transactions cost startlingly around $ 0.70. A processing charge as low as this is impossible to find in any bank for such large transactions.
The Fall of Bitcoin
What shocked the crypto world is the fact that the transfer happened just after Bitcoin slid 5% down in its market value to settle below $50,000. No one could figure out whether the transactions were simply done or a part of a great scheme to influence the market. Whales trying to influence the crypto market is not a new thing, as even Shiba Inu recorded some whale activities in its market recently. But the concern is about whether this influence would impact Bitcoins positively or negatively.
Bitcoin has failed to hold above the 50k margin as it reached $52,000. The slide was easy, which placed the king-crypto at $49,034, which is a 5.47% fall. Reportedly, there has been no direct relationship between the slide and the whale activity in the last 18 hours. However, the reason is reported to be the increased liquidation of Bitcoins lately in the future market. Records show that more than $300 million liquidations appeared in the last 24 hours. Not to mention the 109,000 trading positions that were closed.
Nonetheless, Bitcoin could not have been quicker in its recovery and is reported to be trading at the 50k margin currently. The reason for the recovery is believed to be the so-called ‘Santa Rally.’ It is a trend in the investment market for the prices to hike up in the last week of December.
