Whale Alert, a cryptocurrency tracking and analytics company reported a significant Bitcoin transaction on Sunday, where an unnamed wallet transferred 32,353 BTC worth approximately $620 million to another unknown wallet.
According to the details shared by the blockchain tracker, the transaction executed on 13 December is one of the biggest transfers in recent days. The user only paid around $12 in the transaction fee.
The recent move came after the price of Bitcoin jumped from $17,600 to $19,200 over the weekend. Finance Magnates earlier reported a similar move where an anonymous crypto user moved around $1 billion in BTC from Silk Road Darknet wallet.
The transaction reported by Whale Alert signals a volatile week ahead for the crypto market as Bitcoin has been hovering between $17000-$19000 for the last couple of weeks.
How Synthesis Bank Brings the Benefits of Investment Banking to BlockchainGo to article >>
As per the details available on Blockchain.com, the mentioned BTC address made few transactions in the past but not as big as the recent one.
According to a report by Unchained Capital, a bitcoin-focused financial services company, Bitcoin holders moved nearly 185,000 dormant BTC during the latest November price rally, which means nearly $3.5 billion worth of Bitcoin moved out of long-term storage amid a 40% price jump. Unchained capital reported that bitcoin activity has increased in recent months due to a jump in price. The $620 million transfer marks another major transaction from a relatively quiet Bitcoin account, which shows that BTC holders are planning to take advantage of the price jump.
Bitcoin has struggled to breach the important $20,000 psychological price level despite institutional adoption and a flurry of positive news. The crypto trading community is expecting increased volatility in prices due to recent activities. December has always been a volatile year for digital assets. Furthermore, Bitcoin reached the last high of nearly $20,000 in December 2017 amid the ICO boom. It will be interesting to see what happens in the last couple of weeks of 2020.