Bitcoin has seen its price suffer from the tremendous selling pressure This has created a frenzy in the markets over the last couple of weeks. As investors look for some relief, the sellers seem to be far from finished. One notable Bitcoin sale transaction has sent the market into frenzy.
Whale Dumps $1 Billion In Bitcoin
Whale Tracker Whale Alert has taken to X, formerly Twitter inform Crypto community alerted of large Bitcoin transactions that were participating in the selling-off. It was carrying 16,276 Bitcoins. BTC The transaction, which took place in 2007, was valued at around $1 billion.
Even though large transactions do not seem unusual, it’s the final destination that determines if the transaction is bullish or a bearish one. It can be bullish when coins move from central exchanges into private wallets. That means the investor is consolidating the coins and does not plan to sell.
In cases when investors sell coins, this can have a negative impact on the price of coins. The $1 billion Bitcoin deal was no different, with 16,276 Bitcoins being transferred. BTC Binance is a new exchange that has recently been launched.
The transaction was a big deal for investors, who were concerned with the possible impact that a huge sell-off would have on cryptocurrency prices. There was a delay in revealing the source of the transaction, but prices stabilized as soon as it became known.
Binance: 16,276 BTC was SAFU Funds Conversion.
Binance, Binance is the largest cryptocurrency exchange in the World. They took the responsibility of the 16276 bitcoins that were stolen early on Thursday morning. BTC The exchange received a transaction. The money was reportedly taken from the Secure Asset Fund for Users fund, which is an insurance fund for emergencies.
As per the announcementThe exchange converts this fund to stable coins in order to prevent the price fluctuations associated with Bitcoin. Binance says that the fund balance is $1 billion. This level of money, according to Binance, provides a sufficient amount for the protection of user funds.
It said that USDC was chosen as the stablecoin by the exchange because it is a “stable coin” and is backed up with a large number of users. “Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1B.”
Bitcoin is now USDC. wallet The balance is 1 billion USDC.
Source:| Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, image from Bitcoin News
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