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Business News of Monday, 16 November 2020

Source: Naira Metrics

Wealthy Crypto entity moves over $100 million worth of Bitcoin

Wealthy crypto players seem to be at their game in Q4, 2020, as regards moving Bitcoin.

Data retrieved from the advanced crypto tracker, Whale Alert, revealed someone moved 7,002 BTC valued at (112,904,407 USD) from Unknown wallet to Unknown wallet.

At the time of drafting this report, Bitcoin was trading slightly above $16,000, with daily trading volume pegged at $18,472,207,777.BTC price is up 0.3% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

What this means

Crypto investors are going long, stashing their digital gold at record levels, as the crypto market is awash with cheap money coming from stimulus packages from global central banks.

What you should know

Nairametrics some months ago, reported that 47% of BTC holders were Bitcoin (BTC) whales. As the COVID-19 pandemic resurgence disrupted the global financial market – coupled with the recent weakening of the American dollar, the number of whales has been increasing at a steady pace after Bitcoin’s recent halving.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend. At the BTC market, investors or traders who own large amounts of BTCs are typically known as Bitcoin whales. This means that a BTC whale could be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

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