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This month in 2014: a bitcoin whale dumps 30,000 bitcoins in a single transaction

This month in 2014: a bitcoin whale dumps 30,000 bitcoins in a single transaction

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Answer This month in 2014: a bitcoin whale dumps 30,000 bitcoins in a single transaction

The movement of Bitcoin whales is one of the things that traders and investors look for, as it infers about the next possible movement of the price.

Currently Bitcoin is trading at less than $20,000.

Almost 8 years ago today, bitcoin traders encountered the movement of one of the infamous bitcoin whales.

It was in October 2014, when an unknown whale decided to sell 30,000 bitcoins in a single transaction for $300 per coin.

At the time, the trader was looking to get $9 million from the sale, and today the value of bitcoins sold is around $603 million.

Read:A new scam managed to steal a billion dollars in Bitcoin and cryptocurrencies

When the event occurred, the cryptocurrency community became so wild that it caught the attention of the mainstream media.

The price of Bitcoin before the sale and offloading was around $330, after which the price fell below $300.

Five years ago, a bitcoin whale with 30,000 bitcoins sold allegedly sent a post to reddit Claiming that he was the one who sold the coins, he further said that he received bitcoins at $8 per coin.

He also noted that he hastily put up a 30,000 bitcoin deal that day because he wanted to get away from the computer.

As soon as the anonymous bitcoin seller made the sale, the crypto community named the seller “Bear Whale,” and created memes about the infamous bitcoin seller.

The lesson to be learned from the Bear Whale story is that it is very likely that a large whale will lose faith in Bitcoin again, or at the right price range it may want to dump its billions of dollars in Bitcoin.

However, the markets are much stronger than they were in 2014, when the average daily volume of bitcoin trading was around $29 million per day.

Read:Bitcoin Restores $40K Level and Dogecoin Rises 31% After Elon Musk’s Announcement

Currently, the global 24-hour Bitcoin trading volume is around $29 billion at the time of writing, which is 112425% larger than the daily Bitcoin trading volume of 2014.

Read also:

Brazil’s BRB Bank Pays 50 Bitcoin After Targeted by Ransomware Attack

Will there be a rally for cryptocurrencies after the release of US unemployment data?


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