Anonymous crypto wallet moves $ 874 million worth of Bitcoin

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What Happened: $ 874,571,794.00 of Bitcoin (CRYPTO: BTC) just moved between 2 anonymous cryptocurrency wallets in a single transaction.

This mysterious person’s Bitcoin wallet address has been identified as: 3JGPTk9NmKAKN423R55GtML7SC51Rx3UB4

$ 874 million worth of Bitcoin was sent to an unknown recipient, with the Bitcoin wallet address: bc1qkp8r4zy8wfkfvr6c2z869se5cxndmc0s67vjqu

Why it matters: Cryptocurrency whales that own millions of dollars in Bitcoin tend to move the markets on their own. If the whale decides to exit this Bitcoin position, the impact on the market could be enough to push the price of BTC down. It takes around $ 15-30 million of selling pressure to lower the price of Bitcoin by 2% on any given exchange.

Since this transaction was not sent to an exchange, this Bitcoin whale is unlikely to be looking for cash. Instead, they can transfer this to another wallet for security reasons.

You can see more details about the transaction here.

According to Glassnode, there are 486,793.00 Bitcoin wallets with over $ 100,000 in BTC.

See Also: Best Crypto Apps 2021 and Best Crypto Wallet Trackers

Price Action: Bitcoin has risen 1% in the past 24 hours.

See also: How to buy Bitcoin

Public blockchain data from Whale Alerts Twitter.

This article was generated by Benzinga’s automated content engine and edited by an editor.

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