HomeCryptocurrency$700 million worth bitcoin locked in cold wallets

$700 million worth bitcoin locked in cold wallets

Motivated by Federal Reserve Chairman Jerome Powell who ruled out the possibility of raising interest rates three times in the next few meetings, Bitcoin once touched the $40,000 integer mark on the 4th , but immediately followed the US stock market crash on the 5th by 8%.

The latest news shows that in the past day, bitcoins worth as much as $700 million were withdrawn from the cryptocurrency exchange Coinbase Global and locked in cold wallets.

Benzinga reported on the 5th that data from blockchain wallet tracking agency Whale Alert showed that an anonymous bitcoin giant transferred funds four times in the past day, moving a total of nearly 19,000 bitcoins to the same cold wallet. The people who control this cold wallet now have a total of 19,244 bitcoins with a market cap of $765 million.

Other cryptocurrencies have also seen massive outflows. Coinbase’s total ether withdrawals hit a record high on May 3, bringing ether balances on the exchange to a three-year low.

The report pointed out that cryptocurrency giant whales have withdrawn from exchanges and entered cold wallets, generally for long-term holding. Market participants believe this is usually a signal that selling pressure has eased.

According to the CoinDesk quotation, as of around 11:30 noon on the 6th, Taipei time, Bitcoin was at US$36,359.66, down 8.46% from 24 hours ago; Ethereum was reported at US$2,742.73, down 6.79% from 24 hours ago.

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Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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