Bitcoin [BTC] , the world’s largest cryptocurrency, has had a significant few weeks, with notable coin movements and hacks affecting its users. The recent Binance hack saw a sizable chunk of 7000 BTC being stolen from the world’s largest cryptocurrency exchange, but that did not seem to have had an effect on its usage rates.
In a recent Blockchain report, it was identified that over 15,000 BTC were moved from one unknown wallet to another. The transaction ID for the article was a893e394120135be6431254bc5b7184b33ec1fe8eb38e88a4ba05e30f04e3966, while the Block ID was 575065. The output wallets had addresses corresponding to 1PBxRSpxmCBKJUEa2ARE1E5K6QDUaNThzH and 4BWH6GmVoL5nTwbVxQJKJDtzv4y5EbTVm, with the first address receiving 15000 BTC and the other output receiving 2 BTC.
In other transactions, almost 9000 BTC was moved between two unknown wallets. The time stamp for the transaction was May 9 7:37 UTC. The address of the receiver wallet was 3FAX7PQ1ja3qNoQCQt43AHQykzTjCcns8m, while the receiving address had an address of 3FrM1He2ZDbsSKmYpEZQNGjFTLMgCZZkaf.
The large movement was not the only good news for Bitcoin as the cryptocurrency also breached the $6000 mark recently. Bitcoin’s price is set to face massive resistance between $6,100 and $6.500, a price range which acted as a support for the prices for almost 3/4th of 2018. Although this rally might seem like the end of the bear market and the start of a bull rally, it can only be confirmed after the prices close above $6,500.
Famous proponents like Tuur Demeester also took the side of Bitcoin, calling it “seriously undervalued” right now. He added that the market is psychological, stating,
“We have seen similar patterns during late 2013 and early 2014 where there was a lot of unrealized profits which again happened during the summer of 2017. The investor psychology was more inclined towards greed and when the bear market sets in, the positive sentiment obviously decreases. Once it is in the red, retail investors walk away which is what happened last November when BTC drooped from $6000 to almost $3000.”
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.