Crypto exchange Binance just moved $ 470.8 million worth of 76,125 bitcoins for only $1.50 fee. According to the CEO of Binance, the actual transfer was 10,000 BTC.
20 March, 2020 | AtoZ Markets – Bitcoin has rallied from the $ 5,000 zone, skyrocketing the price by $ 6,259. As the cryptocurrency increased significantly, some began to say that it was time to get our money off the table. However, on the contrary, it seems that some large investors are removing BTC from crypto exchanges and placing it in their wallets for long-term holding.
77,325 BTC Goes from Binance to Anonymous Wallets
When the worst is over, and we emerge from this ongoing crisis, other eyes will eventually turn to Bitcoin. It has not halted trading during the mass sell-off like the traditional markets, but it continues to demonstrate its superiority at almost every level.
The Twitter bot Whale Alert has detected a mammoth-sized bitcoin transaction and a few smaller ones in the past few hours. Two of them were made from Binance to two wallets with unregistered owners.
77,325 BTC were transferred from Binance ($ 477,007,433). 1,000 BTC were transferred from an unknown wallet to the OKEx crypto exchange.
Imagine being able to move this amount of fiat money. It would be a long process involving several third parties and relatively large commissions. If the transfer were international, the forex fees would reach three digits.
However, Binance was able to transfer 76,125 BTC for only 0.00021672 BTC (around $ 1.50).
The Real Transfer Was 10k BTC, Says Binance CEO
However, the CEO of Binance quickly dispelled any concerns about the gigantic BTC movement. He said the “unknown wallet” was an internal transfer. He criticized Whale Alert for sharing inaccurate data and noted that only 10,000 BTCs had been transferred.
Internal transfer. 76k was to the change address. The real transfer was 10k BTC.— CZ Binance 🔶🔶🔶 (@cz_binance) March 20, 2020
Traders should be careful in these uncertain times. This latest bitcoin pump might not be the return to the bull market that everyone hopes for – even if that move was an internal matter of Binance.
The real advantage of this transaction is the ease and low cost of transferring funds through the bitcoin blockchain. However, this is another perfect example of why BTC will reign supreme.
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