$417 Million Worth of BTC Transferred for only $1.44 in Fees

Bitcoin billionaire claims BTC will crack $20,000 in 2020
BTC price down, but volumes high as whale transfers $417 Million for a tiny $1.44 in fees on Bitcoin network

Someone just transferred Bitcoin (BTC) worth $417 million, paying just $1.44 on the Bitcoin network

Large transfers on the Bitcoin network are not new, but when one happens, the community takes notice. And it turns out a Bitcoin address just received a massive transfer, with the entire transaction costing the party involved a very small fee (0.00016080 BTC, or $1.44).

Although the fee involved is remarkable, it is the huge amount of money sent to a single address that could attract the attention of the crypto community.

According to on-chain whale alert site, Bitcoin Block Bot, the massive transaction saw a whale address, one of the largest on the network, receive 47,835 bitcoins.

Coinbase 2

At the current market price of one unit of BTC, that single transaction was worth $417 million at the time of writing. The transaction was included in block 630,082.

BitInfoCharts lists the address to which the bitcoins were sent amongst the top 100 richest Bitcoin addresses. As of press time, the address ranked as the 16th largest on the Bitcoin network. The top 100 richest addresses hold a total of 2,703,343 BTC, worth $24,095,018,484 as of now. They account for 14.71% of the total BTC supply.

Per the address’ activity log, it is one of the most active, responsible for several large transfers in the past.

Although the address could be a whale, it more likely belongs to a cryptocurrency exchange or an institutional investor/custody provider. The Bitcoin network has seen an average of 309,000 transactions in the past 24 hours, with exchanges accounting for the largest volumes.

Bitcoin’s price after the halving has remained steady above $8,600. Since the halving, sentiment has strengthened to the positive, with prices cushioned at $8,500 and $8,200 on the downtrend.Today’s action is seeing bulls pushing for $9,000, at the 100 simple moving average on the hourly charts.

According to Wall Street billionaire and Galaxy Digital founder, Mike Novogratz, BTC might have failed to rally pre-halving and immediately after the event. 

However, he maintains that the cryptocurrency will still rally to hit levels past its all-time high of $20,000 by the end of 2020. The billionaire investor and crypto bull said that the economic fallout from the money printing spree governments have embraced would benefit Bitcoin.

We will take out $10,000 and we will go to $20,000 by the end of the year. I feel real confident about it,” he added.

$417 Million Worth of BTC Transferred for only $1.44 in Fees 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,798.00
ethereum
Ethereum (ETH) $ 2,644.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 335.60
cardano
Cardano (ADA) $ 1.33
xrp
XRP (XRP) $ 0.753292
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206342
polkadot
Polkadot (DOT) $ 18.34
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,798.00
ethereumEthereum (ETH)
$ 2,644.37
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 558.09
litecoinLitecoin (LTC)
$ 144.34
bitcoinBitcoin (BTC)
33.536,70
ethereumEthereum (ETH)
2.228,34
tetherTether (USDT)
0,842673
bitcoin-cashBitcoin Cash (BCH)
470,29
litecoinLitecoin (LTC)
121,63
bitcoinBitcoin (BTC)
28,621.37
ethereumEthereum (ETH)
1,901.74
tetherTether (USDT)
0.719166
bitcoin-cashBitcoin Cash (BCH)
401.36
litecoinLitecoin (LTC)
103.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 38,362.00
ethereum
Ethereum (ETH) $ 2,480.53
tether
Tether (USDT) $ 0.997669
binance-coin
Binance Coin (BNB) $ 322.37
cardano
Cardano (ADA) $ 1.28
xrp
XRP (XRP) $ 0.719318
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.198642
polkadot
Polkadot (DOT) $ 17.44
binance-usd
Binance USD (BUSD) $ 1.00