Dormant Bitcoin Whale Wallets Since December 2018 Suddenly Adding BTC Worth Rs. 62,789 crore: Full Details

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A group of Bitcoin whale accounts, inactive since December 2018, suddenly woke up and bought thousands of Bitcoins over the weekend. According to BitInfoCharts, a website that tags Bitcoin addresses owned by cryptocurrency exchanges, Whale addresses rank between 89 and 106, with the exception of number 90. They bought 28,377 Bitcoins worth 841. , $ 85 million (approximately Rs. 62,789 crore) on July 17-18. synchronized manner. However, all of the 17 Bitcoin addresses in question are unknown.

According to a Daily Hodl report, all of those 17 wallets contained exactly 8,000 Bitcoins before accumulating more over the weekend. The report further states that the consistency of purchases and the fact that each wallet remained inactive for the same period suggests that the addresses are a single entity although this is not certain.

Data published in BitInfoCharts further showed that four wallets received Bitcoin streams at the exact time of July 18. Four more collected Bitcoins at the same time on July 17, and three other wallets added Bitcoins simultaneously later on the same day.

A Bitcoin whale is an account that has large amounts of cryptocurrency and has the power to vary the price with a single transaction. In 2017, around 1,000 people owned around 40% of all Bitcoin, and given the recent volatility in the cryptocurrency market, whales are once again the center of attention and sometimes even under scrutiny.

Bitcoin has lost nearly half of its record value, reached in May this year, of around $ 65,000 (around Rs. 48 lakh). At the time of writing this article it was trading at $ 30,816 (around Rs 23 lakhs).

It was on the downward trend over the weekend when the whale trading took place. On July 20, according to a Reuters report, Bitcoin fell below $ 30,000 (around Rs, 22.36 lakhs) for the first time in a month since June 22, when it hit a low of 29,300. $ (Rs. 21.84 lakh).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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