Bitcoin is riding an unimaginable bull wave, rising above $8,000 on May 13, before falling. With several positive developments in the near future, the price push does not seem to be halting anytime soon. Despite the rise however, a suspected whale move might present a telling tale in the bull-run fever.
WhaleAlert, the online cryptocurrency tracker, recorded a 2,587 BTC transfer to the tune of $21.16 million. The crypto-data aggregation website added that the transfer took place at 0930 UTC on May 14.
The stated transaction was recorded at exactly 09:33:52 UTC between the addresses 3CAS4rHRRdR7UNVNUUGhY9E5epQ6Qtq4xt and 369R9pfXpJwhtcEnUokZKEi7FTE1UNfWi6. The hash of the transaction in question was cf657a71930271a90f0ff0bf0ee1b2cadbc7bedf17b7d51d7132b7ef253758a5.
In the wake of Bitcoin breaching the $8,000 mark,Whale Alert listed several BTC transfers since May 13. The most prominent of which was 600 BTC from Kraken to an unknown wallet, valued at $4.94 million. Bitstamp also saw a transfer of 1,000 BTCs worth $8.22 million to an unknown wallet, as well as a transfer of 800 Bitcoins from the exchange to Poloniex, in a transfer worth $6.57 million. Previously in the day, Bitstamp saw 1,422 Bitcoins worth $11.69 million moved to an unknown wallet.
With the price moving the way it is, large-scale movements come as no surprise. However, it does correspond with the hike in trading volume over the past few days. On May 12, the king coin saw its 24-hour trade volume surge over $30 billion. The last time the volume was that high, the price of Bitcoin was over $10,000, back in January 2018.
However, it should be noted that several exchanges have been accused of fudging their trading volumes, moving large amounts of cryptocurrencies back and forth to inflate them. Given this occurrence, the current volume might be higher than previous year’s due to wash-trading or simply because of numbers being fudged.
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