A recent crackdown of China on the cryptocurrency market could have led whales to transfer huge numbers of BTC. Just a moment after the reports from this country, an unknown whale transferred 46,000 BTC, worth at that time as much as $338 million.
China against cryptocurrencies
As it is commonly known, China's pro-blockchain policy does not necessarily mean the support for Bitcoin and cryptocurrencies. These are banned in the Middle Kingdom and, according to recent reports, it is unlikely to change in the nearest future. Even though cryptocurrencies are illegal in China, the Chinese have been bypassing the ban for years. On Friday, the Chinese central bank announced that illegal activities regarding digital assets would not be tolerated and that it would work trading cryptocurrencies through. Moreover, the announcement included the warning saying that investors should not confuse blockchain technology with cryptocurrencies.
The transfer of 46,000 BTC by an unknown whale
As it has been reported by Whale Alert, just a few hours after reports from China, the bitcoin whale was awake. As part of one, colossal, transaction, the whale transferred 46,000 BTC worth nearly $338 million at that time. Interestingly, the transfer was made from an unknown wallet to an address of unknown origin as well.
At about the same time, one more huge Bitcoin transfer made by another whale was recorded. 45,5k BTC, worth approximately $336 million, were transferred to an unknown wallet. Over the past 24 hours, another, equally large as the previous two, transfer has taken place, this time at 44,000 BTC worth $310 million. And this time too, the transfer ended up on an unknown wallet.
News from China and declines in the cryptocurrency market
According to some experts, it was probably the news from China that caused a huge decline in the price of Bitcoin in recent days. On Friday, BTC fell from around $7,700 to just $6,800. The oldest cryptocurrency has probably dragged almost the entire market down with it because all of the leading cryptocurrencies lost on Friday from a few to even a dozen or so percent.
Today, the cryptocurrency experienced another big decline. At one point it sank to the level of $6500, but quickly recovered. Currently, Bitcoin costs around $7120.