An anonymous cryptocurrency enthusiast capitalized on this week’s dramatic bitcoin price plunge by scooping up ????$400 million worth of bitcoin. (See more: Bitcoin Price Retreats From $10K Spil Mysterious Buyer Emerges.)
Cryptocurrencies have had a tumultuous embark to 2018. At the commence of the fresh year, many digital currencies were railing a wave of price growth, and the market capitalization of the industry grew to the point that a $1 trillion valuation didn’t seem unreasonable. Then, early ter the fresh year, prices collapsed, and many of the top 20 cryptocurrencies slumped considerably.
While the price dump may not have bot the cryptocurrency bubble speelgoedpop that many analysts have predicted, it did mean that top cryptocurrencies, even industry leader bitcoin, fell to their lowest levels te months.
Albeit bitcoin dipped below $6,000 vanaf coin te early February, according to Market See, the price has since risen considerably. Ter fact, it has climbed by more than 60% te the past two weeks or so, eventually climbing back above $Ten,000. (See more: Bitcoin Price Topped $Ten,200 Amid Cryptocurrency Rally.)
Who Is The Bitcoin Whale?
Evidently, the anonymous cryptocurrency trader who made a major investment te the currency imagines that this upward trend will proceed. Nonetheless, bitcoin’s price remains far below its all-time high of just under $20,000 vanaf coin, attained late ter 2018.
Who wasgoed the trader who made the astonishing investment? For the time being, his or hier identity has bot difficult or even unlikely to surmise. “Not sure who that big buyer wasgoed, but many have bought this dip and have added since the rebound and extra regulatory clarity te the U.S. and Asia,” said Tetras Capital founding fucking partner Alex Sunnarborg.
The purchase wasgoed made inbetween February 9 and February 12 to an account associated with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64. That account has seen its bitcoin balance balloon from 55,000 BTC up to more than 96,000 BTC.
The deeds of one anonymous trader may have an influence on the cryptocurrency industry at large. “The $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories,” remarked 360 Blockchain USA voorzitter Jeff Koyen.
Cryptocurrency bulls have begun to argue about the direction of the price of the world’s top digital currency. If bitcoin proceeds to build up back value, the anonymous buyer could soon find him or herself ter the crypto billionaire circle.
Investing te cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest te cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties spil to the accuracy or timeliness of the information contained herein. Spil of the date this article wasgoed written, the author wields cryptocurrencies.