Once again, it's about one of the secrets in the world of cryptocurrencies. After four years in deep sleep, a gigantic wallet of cryptocurrencies worth approximately $ 720 million has come to life. At the end of August, Bitcoin worth $ 100 million was transferred to Bitcoin's Bitfinex and Binance exchanges in just ten days. The wallet contained 111,114 bitcoins, or 0.52 percent of the total inventory. The sudden movement of these as yet dormant funds could have the potential to change Bitcoin's course.
The circumstances made known a reddit user named “u / sick_silk”. He published a series of entries detailing each transaction in detail.
The first entry appeared on August 31st. It said that the funds could include the now shut down Darknet marketplace Silk Road. They were selling billions of dollars worth of banned goods and offering drugs, weapons, pornography, malware and criminal services.
“u / sick_silk” wrote:
“It looks like that as if the owner of a large Silk Road Wallet has been actively moving funds for three days, divided into blocks of 100 coins each in Lower Wallets. The wallet at that time contained 111,114.62 Bitcoin, which is currently worth 844 million USD (without inclusion of other Bitcoin Forks). The last moves on these subwallets are 4 years and 5 months ago (March 9, 2014). “
After further research, however, he found that the Bitcoin was also from an old wallet of the former CryptoBase Mt.Gox could come from. For example, another user wrote on Twitter:
“You guessed it later in the entry; it's an old Mt. Gox whale that has nothing to do with Silk Road. “
The realities are there not only exciting, but also important for the real world and the crypto markets. “U / sick_silk” believed that the movement of funds was at least partially responsible for the price decline in August. Whether that's true or not is not clear. What is certain, however, is that 0.52 percent of the total is more than enough to seriously manipulate or destabilize the market. In fact, Bitcoin in Wallet has already been worth $ 80 million less since its release.
So it remains to be seen what “u / sick_silk” and other tracking dogs will bring to light in the near future.
At the time of writing, a bitcoin had a price of approximately $ 6,500 and a market capitalization of $ 112 billion. Thus, the cryptocurrency still ranked first on the list of the largest cryptocurrencies by market capitalization.
Sources: Reddit, Twitter, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/das-schlafende-bitcoin-720-millionen-usd-wallet-is-watch-aber-wem-gehoert-es/
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.
We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.