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Bitcoin Whale Moves $350 million as Bitcoin Breaks $30,000

  • Bitcoin breaks the $30,000 mark to set a new record high
  • An unknown entity moves Bitcoin worth over $350 million

Crypto holders and speculators are cheering Bitcoin along as it continues a month-long rally. Amid the rally, a large holder of Bitcoin, popularly referred to as a Bitcoin Whale, transferred 12,000 Bitcoins or an equivalent of $350,442,906 from an unknown wallet to another unknown wallet as Bitcoin approached the $30,000 mark.

According to data from Whale Alert, an advanced crypto tracker, following Bitcoins latest rally, an unknown holder transferred 12,000 BTC. The transfer was made on the 2nd of January when a Bitcoin traded for approximately $29,160.

Bitcoin Sets a New Record High

The dizzying rally of Bitcoin which began during the Christmas break, extending into the New Year has seen Bitcoin break the $30,000 mark for the first time. The pioneer cryptocurrency proceeded to set a new all-time high of $34,608. Over the last 24 hours, Bitcoin has seen a trading volume of $85 million.

On the Flipside

  • Not only is the price of Bitcoin growing by leaps and bounds, the use cases of the number one cryptocurrency growing alongside.
  • On December 31st, 2020 Mexican billionaire, Ricardo Salinas Pliego, announced that they are working on creating a platform that will integrate Bitcoin as a payment method in the Mexican banking system.
  • Carolina Panthers offensive linemen, Russell Okung has agreed to have roughly $6 million of his annual salary paid via Strike to purchase Bitcoin investments.
  • Adding to the growing list, American investors and hedge fund managers, Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.

What Does the Move Mean?

In general, people who hold more than 1,000 Bitcoin are regarded as Bitcoin whales. Not only individuals fall into this category but also companies and institutional investors who have endorsed and are currently using Bitcoin as a payment option. Since the wallet addresses are unknown, it is almost impossible to state which category the whales belong to.

The latest Bitcoin rally continues amid a wave of interest from institutional investors and central banks across the world. Bitcoin is not only backed to continue the uptrend in the coming days, many speculators believe that with the increased global interest, but it would also proceed to cement itself as the store of value of the future.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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