Last Friday, against the backdrop of intense bitcoin seedling in the bitcoin price chart, a whale woke up… In one huge transaction, he transferred 46,000 BTC worth more than $337 million at the time of the shift. The transfer was made to an address of previously unknown origin.
The question arises: what was the impulse for such a large movement? Some people think that the reason could have been the latest reports from the Middle Kingdom.
Major cities, including Beijing, Shanghai and Shenzhen, have issued public risk warnings, warning against “illegal fundraising”, fraud or pyramid selling.
Financial institutions in the country joined forces with the national financial association on the Internet and the online crisis response centre. All this in order to search for local traces of crypto-currency activity and try to cut themselves off from foreign [bitcoin-based] service providers.
The recent Chinese praise for blockchain technology is in no way related to bitcoin and cryptocurrencies. So many seemed to think, but Xi Jinping himself quickly cooled down this enthusiasm. In addition, the most important banks in the country took another blow to the cryptocurrencies.
The People’s Bank of China has warned that it will not tolerate “illegal activities” that affect digital assets. The Bank added that investors should not confuse cryptovalut with blockchain. Just a few hours after these words, the Bitcoin whale mentioned in the introduction made one exceptionally large transfer.
Bitcoin whale shifts 46 000 BTC worth over 300 million dollars.
The day before yesterday, a single transaction of 46,000 BTC was registered. At the time of the transfer, the funds were worth more than $337 million. Intriguingly, bitcoins were transferred between two unknown wallets.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 46,000 #BTC (337,889,361 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 22, 2019
Apart from the aforementioned “earthquake” by a bitcoin whale, this sector was exceptionally calm and this despite the very dynamic price movements on the BTC chart.
Nevertheless, it is worth noting the fact that one more, not insignificant transaction in the Bitcoin network, which amounted to 12,000 BTC. At that time it was worth about USD 89 million. The transfer came from the Japanese Bitcoin portfolio and flowed from the Coincheck stock exchange towards a previously unknown portfolio.
China and cryptocurrencies case
Recent speeches from the Middle Kingdom seem to have an impact on what is happening with the bitcoin price chart. Of course, this is not necessarily the case, and the BTC chart simply “matches” the events. In fact, nobody knows why bitcoin is growing and why it is falling. The rest remains pure speculation. Nevertheless, it is worth noting that the scale of blockchain potential that China has mired before the world while condemning cryptocurrencies, may give a lot to think about. Many have begun to speculate whether China can lift the ban on cryptocurrencies trade.
Now the country has once again confirmed its anti-crime attitude, although it continues its plans to introduce its own national digital currency, Digital Currency Electronic Payment (DCEP). The Central Bank of China has confirmed that the Chinese national coin is still in the process of testing and detailed research. It will soon be available on the market.
What is your opinion on this subject? Did the reports from China really light the fuse under bitcoin? What will happen in the near future? We invite you to join us in the discussion.