Connect with us


Whale moves $125 million worth of Bitcoin in hours



LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?

The Whale moved 2, 210 Bitcoin in a block of 675, 713 units worth $125 million a few hours ago.

The development is one of the largest transfers in the market in recent week.

The Whale is regarded as a large holder of Bitcoin and the transfer comes at a period its price value remains strong in the digital asset market.

Large holders often determine the Bitcoin price movement. The market responded in a negative way a few hours after the transfer and dropped to $56.612 per unit in the early hours of Monday.

Bitcoin price increased to $58,169 late on Sunday.

Read also: Bitcoin market cap slumps after over $7,000 wiped off

This means the price value fell by 2.67 percent following the whale’s movement.

However, the situation has improved in the last few hours with Bitcoin trading at $57,862 at the time of filing this report.

The lack of confidence in the cryptocurrency operation was partly responsible for the Central Bank of Nigeria (CBN)’s decision to ban its transaction in Nigeria.

The apex bank labeled Bitcoin and other cryptocurrencies a Ponzi scheme used by criminals to fund their activities.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now