The condition of the Bitcoin market has been fluctuating, to say the least, from holding bullish highs to crashing into bearish lows, the cryptocurrency has been through it all during the past couple of weeks.
But despite the dynamic shifts, the Bitcoin transfer market was still going strong with new reports coming in that 10,000 BTC was transferred from an unknown wallet to Binance, the world’s largest cryptocurrency exchange.
Some users in the space speculated that it could have been a dump, with DR Hyper, a Bitcoin enthusiast commenting:
“More likely a dump, let pull this beast down to 5k, weekly boiling band about to squeeze down, within amount BTC easy open band and push further down. Alts is is due for correction, ppl with no brain still hyper xrp, expect will be back to 0.22, a double buttom to confirm.”
The fund transfer took place at 21:13 UTC on October 17 with a hash of 320c1d247867f36758ba5df644ffa96deed09c4e2c0857f80886c9549fa61bab. The unknown wallet that acted as the sender had an address of 1ntb2HjiFBJEZKbWVGVj9kUt2T98oFupS while the receiver Binance wallet had an address of 19JyAkHKh36sFduqK4hMsMZhU6ZDoLotW.
Post the transfer, some members of the Bitcoin community began speculating that the wallet might have belonged to Tim Draper, with one user speculating:
“Someone said this might be Tim Draper’s wallet…. seized assets he bought. If that is so, then what might Mr Draper care to do with that?
10000 BTC @ $8000 = $80 000 000
$80 million x 3.3 XRP =264 million ($264 000 000) XRP Market buy on Binance”
While the transfer market was abuzz with movement, Bitcoin suffered another hit when the price tumbled below the $8000 mark. Users were concerned that the price fall was occurring near the Bitcoin halving, which was speculated to have a positive impact on Bitcoin’s price.
At press time, Bitcoin was trading for $7936 with a total market cap of $142.848 billion. The hourly spikes were the only greens on the chart as the 24-hour market volume held at $15.32 billion.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.