• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Whale Transfers Bitcoin Worth $10 Million to Bitstamp; Another Dump Incoming?
Nexo

Whale Transfers Bitcoin Worth $10 Million to Bitstamp; Dump Incoming?

Luke Whelan by Luke Whelan
2 years ago
in Bitcoin, Bitcoin Exchange, Bitcoin News
0
Advertisement

Bitcoins worth $10 million dollars have been transferred to the cryptocurrency exchange Bitstamp from an unknown wallet address. Will BTC dump again? 


Just two days after Bitcoin’s biggest crash in over 10 months, falling from a value of around $7200 per BTC to under $5500 where it currently resides, a huge transfer of the cryptocurrency has taken place today.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to whale-alert.io’s Twitter update: 2,000 BTC were transferred from an unknown address to the cryptocurrency exchange Bitstamp.

🚨 2,000 #BTC (10,601,299 USD) transferred from unknown wallet to #Bitstamp

Tx: https://t.co/maBKHI5BKz

— Whale Alert (@whale_alert) March 14, 2020

Although it is not certain where the movements originate from but there are a few likely suspects.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Suspect Number 1: BitMEX Traders

The first suspect would be that the funds have come from BitMEX traders. The price drop caught many derivative traders off guard and subsequently caused many forced sell liquidations on the BitMEX platform.

Over $700 million worth of them, in-fact.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Sell liquidations occur as BitMEX forces the end of long contracts when the price drops by a pre-set amount.

In recent weeks, many people had taken up long positions on the BitMEX platform – expecting a stable market correction and eventual price rebound after last weekend’s comparatively small crash.

In-fact, the forced liquidations of the long contracts represented 90% of all derivative contracts that were forced to close on Thursday.

The force liquidations are likely to inspire fear and concern in many Bitcoin traders. This could show that the meaning of this Bitcoin transfer could be another huge dump — resulting in an even larger drop in the Bitcoin price.

Suspect Number 2: PlusToken Scammers?

It is possible that the PlusToken scammers from last week haven’t moved the fraudulent Bitcoin’s to their final destinations and that we can expect them to dump their Bitcoin’s via Bitstamp.

This is an unlikely conclusion, I must admit, as Bitstamp requires ID verification and an incoming amount that large is very conspicuous.

That would be a very unwise decision from a scammer.

Can We Expect Another Bitcoin Price Dump?

The current situation and the volatility we are experiencing on the network is unlikely to evoke positive beliefs, leading many in the community to believe that we may have another price dump on our hands.

Wherever the funds came from, the fact that they’ve been moved to an exchange is a worrying one. Normally large funds are only held in exchanges when they are ready to be traded. And it seems unlikely that anyone will be making bull trades at this point.

If these 2000 Bitcoins are sold on the market, this will further strengthen bearish indicators on the market-leading to even more sell-orders.

The response is certainly a worried one as tweeters take to the social media platform with GIF and negative beliefs about the intentions of the massive transfer in Bitcoin.

pic.twitter.com/NzCaL1vxdx

— Satoshi Starlord (@satoshistarlord) March 14, 2020

What do you think about today’s massive Bitcoin transfer to Bitstamp? Share your thoughts in the comments below! 


Images via Shutterstock, Twitter: @whale_alert, @satoshistarlord

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Luke Whelan

Luke Whelan

Related Posts

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

15 hours ago
Bitcoin

Bitcoin Is A ‘Remarkable Cryptographic Achievement,’ Ex-Google CEO Says

20 hours ago
Touadéra, a coin with Binance's logo

Binance’s CZ Visits The Central African Republic, Meets President Touadéra

2 days ago
Data Shows Bitcoin Still Highly Correlated With Stock Market

Data Shows Bitcoin Still Highly Correlated With Stock Market

2 days ago
Fintech

Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent

2 days ago
Tourism In El Salvador Rises Regardless Of The Bitcoin Bear Run

Tourism In El Salvador Rises In Spite Of Bitcoin Bear Run

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.