Depending on how new you are to the crypto space, you will have most likely heard about crypto whales.
The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions. So when compared to other financial sectors, the crypto market is pretty small.
Well earlier this week, two unknown wallets saw a HUUUGE transaction. One wallet sent the other over 94,500 bitcoins. That’s equal to 0.5 percent of all the cryptocurrency currently in circulation and would be valued at $1 billion.
The whole transaction cost the sender $700 worth of BTC which required several inputs but was cheap when you consider the amount of money this individual must-have.
It’s also worth mentioning that this only took half an hour!
This was announced on Whale Alert Twitter who posted this on the 5th Sept:
For those that don’t know, the Whale Alert Twitter account is dedicated to “live tracking of large crypto transactions from and to exchanges” for some of the top coins in the market.
A crypto analyst at ARK Invest, Yassine Elmandjra has aid that this is a great display of bitcoin being a worldwide system:
“A beautiful display of Bitcoin as a trust-minimized global settlement system.
1 billion USD transferred at a 1/17000th % transaction fee.”
This transaction sure shows the power of bitcoin but many still question whether the leading cryptocurrency is actually prepared to become a worldwide-adopted currency as it currently stands.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!