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Bitcoin worth 114 million US dollars transferred to BitMEX Wallet: Positive for Bitcoin course?

Bitcoin worth 114 million US dollars transferred to BitMEX Wallet: Positive for Bitcoin course?

A recent tweet reveals that a major Bitcoin transaction has recently been carried out. More than 18,400 bitcoins were transferred to a wallet that is supposed to be connected to BitMEX. BitMEX is a large trading platform for crypto derivatives. The value of the transferred Bitcoin was over $ 114 million.

There were 17 different crypto-wallets involved in the transaction. In a first transaction ten Bitcoin were transmitted. Afterwards, 16 other wallets transferred the remaining bitcoin to the BitMEX wallet in less than half an hour.

18,400 #BTC moved to BITMEX account – BUCKLE UP !! pic.twitter.com/lMgqg1bAlM

– KKTHXBYE (@kkkthxbye) August 14, 2018

Bitcoin Market Manipulation or just Big Sale?

Short After the transaction, there was speculation on Twitter that the platform could be involved in market manipulation. In this context, it has to be said that the big transaction happened only a few hours before Bitcoin rallied. Bitcoin again rose above the $ 6,000 mark. However, market manipulation is unlikely, as 18,400 bitcoins account for only about 0.1% of all Bitcoin in circulation.

It is also possible that the coins have been combined for a big sale. Such an approach often selects the so-called “whales”, ie people who have large amounts of a cryptocurrency. As an example, the trustee of the crypto exchange Mt.Gox, Nobuaki Kobayashi, is mentioned. At the end of April, Kobayashi assembled 16,000 Bitcoin and 16,000 Bitcoin cash on one of his accounts. Such a procedure usually leads to nervousness among the crypto investors, as they fear a large sale and thus falling prices. Accordingly, large investors sometimes choose such tactics to frighten small investors. The aim is that the retail investors quickly repay their coins and thus generate falling prices. After that, the “whale” can then buy these coins at a low price and cheaply increase its portfolio.

Cold storage or more liquidity?

Bitmex is also perhaps the bitcoin to keep them in safe cold storage. In recent times, various crypto exchanges suffered from hacking attacks, so moving into a cold storage would be obvious. A similar step was done by the crypto exchange Bithumb some time ago. The crypto exchange lost $ 30 million worth of coins in June due to a hacking attack. As a result, Bithumb transferred a large amount of coins from thousands of wallets to a single address. An extremely high number of transactions were carried out and there were exorbitant fees. At times, even the Bitcoin network was jammed.

It is also conceivable that BitMEX has transferred this large sum in order to increase the liquidity of its own platform. This suggests that the record amount of 1 million BTC was traded within 24 hours.

Bitcoin worth 114 million US dollars transferred to BitMEX Wallet: Positive for Bitcoin course?

Source: Twitter 1, The Next Web, Twitter 2, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-im-wert-von-114-millionen-us-dollar-auf-bitmex-wallet-transferiert-positiv-fuer-bitcoin-kurs/

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