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A large transaction of over 43,000 BTC has been moved from Bittrex cryptocurrency exchange wallet to an unknown wallet according to Blockchain.com, a bitcoin explorer.

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43,654 BTC Moved From Bittrex

A giant amount of over 43,654 BTC, currently worth slightly over $310 million USD, has been moved from one of the largest crypto exchanges, Bittrex, to an unknown wallet raising questions of a possible dump or HODLing situation. The transaction, as viewed on Blockchain.info shows the transaction was recorded on block 606,587 with a miniscule fee of 0.00013920 BTC, roughly $1 USD paid.

BTC $1

While the fee paid is tiny as compared to the fees in the traditional systems, the movement of the value without any government, bank or authority having control is the most noteworthy point here. Bitcoin is gaining more and more reputation as a safe, anonymous and cheap way to make large transactions across borders. The benefits of transacting in Bitcoin witnessed through this Bittrex transaction makes a strong use case for adopting cryptocurrency.

With the transaction taking a mere 591 bytes to be recorded, and about 7 confirmations to be completed, the issue of scalability in large transactions is minimized.

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In November, a whale moved about 44K BTC in a transaction that charged them less than a dollar. In September, HardFork publication reported a case of a whale moving close to $1 billion in BTC value for a mere $700 USD in fees.

Summary

Bittrex Exchange moves over $310 million USD in BTC for a mere $1 USD fee

Article Name

Bittrex Exchange moves over $310 million USD in BTC for a mere $1 USD fee

Description

A large transaction of over 43,000 BTC has been moved from Bittrex cryptocurrency exchange to an unknown wallet according to Blockchain.com, a bitcoin explorer.

Author

Lujan Odera

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-12-04 12:36:35 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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