Cryptocurrency: Price Drop Makes Third-Largest Bitcoin Whale Add Over 700 Coins in 2 Days

Data showed that the whale address made several transactions in the recent past.

Cryptocurrency: Price Drop Makes Third-Largest Bitcoin Whale Add Over 700 Coins in 2 Days

Bitcoin price had recently breached the $50,000 mark before facing the recent dip

  • Owner details of the whale account is not known
  • It bought 408 new Bitcoins this morning
  • Bitcoin recently breached the $50,000 (roughly Rs. 36.8 lakhs) mark

Bitcoin's latest price slump has enabled the third-largest whale wallet of the cryptocurrency to add 729 coins worth around $31 million (roughly Rs. 228 crores) at current value. With its latest “buy the dip” moment, the mysterious whale wallet has now become the owner of more than BTC 112,000, which is worth about $4,857 billion (roughly Rs. 35,805 crores), according to the data by BitInfoCharts. The data showed the wallet bought the Bitcoin in two chunks — 408 and 321 coins. This is not the first time whales have taken advantage of a price dip. They often accumulate a huge number of crypto coins whenever there's an opportunity.

While the wallet bought BTC 408 early this morning (September 23), it got the other 321 coins last evening. While the latest transaction was made when Bitcoin was trading around $43,294 (roughly Rs. 31.9 lakhs), the previous purchase was made when Bitcoin's price was $41,673 (roughly Rs. 30.7 lakhs).

The BitInfoCharts data showed that the whale address — 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ — made several transactions in the recent past.

These purchases have been made at a time when Bitcoin's value has dropped significantly from its high early this month. Bitcoin breached the $50,000 (roughly Rs. 36.8 lakhs) mark towards the end of last month and remained above it for more than a fortnight, hitting a peak of $52,000 (roughly Rs. 38.3 lakhs) on September 7. But soon started sliding and has now lost almost $10,000 (roughly Rs. 7.3 lakhs) in two weeks.

According to CoinMarketCap, Bitcoin was trading at $43,889 (roughly Rs. 32.3 lakhs) at the time of writing.

Following the April-May market crash, several whale accounts similarly tried to accumulate crypto coins. At that time, Bitcoin had dropped drastically to below $30,000 (roughly Rs. 22.1 lakhs), which made investing in it a lucrative move.

Recently, El Salvador President Nayib Bukele, whose Central American country made Bitcoin a legal tender this month, had bought the dip. He announced on Twitter that his government had bought 150 more Bitcoins, taking their total holding to 700 coins. He even suggested that Bitcoins brought during a price crash were the best bet against inflation.

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.
Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Google Files Writ With Delhi High Court Against CCI After 'Leak' of Confidential Report
NASA Robots Compete in DARPA's Subterranean Challenge Finals for Chance to Win $2 Million
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.