Posted 6 months ago | by @devadmin
An unknown Bitcoiner just completed the largest dollar value Bitcoin transaction in history, setting a world record in the cryptocurrency space.
The unknown whale moved over $1 billion of the digital asset for as little as 0.00027847 BTC, or $3.58 at time of this report.
In back-to-back transactions this morning, 45,671 Bitcoin ($602 million) and 43,185 Bitcoin ($570 million) left a Xapo account to other wallets.
According to on-chain data from Blockchain.com, the Bitcoin (BTC) trader moved a total of 88,857 BTC, an estimated $1.15 billion.
Due to the pseudonymous nature of Bitcoin, it’s unclear who made the transaction.
However, Cointelegraph reported that data from the analytics platform CrystalBlockchain appears to show that the user sent the coins from an address labeled as a Xapo Bitcoin wallet. Further expressing, because Coinbase Custody acquired Xapo’s institutional business in 2019, it is possible that the $1.1 billion in Bitcoin originated from the U.S.-based exchange.
This transaction is the largest movement of any cryptocurrency by fiat value, however, it’s not the largest amount of Bitcoin to ever be moved. Mt. Gox previously moved 550,000 BTC in a single transaction made on November 16, 2011. That transaction was worth $1.32 million at that time, that same amount of Bitcoin could be sold for more than $7 billion today.
This coincidentally happened when Bitcoin’s hashrate fell overnight. Bitcoin’s hashrate fell in multiple mining pools according to Nova Block.
Large drop in hashrate across all Bitcoin mining pools further exemplifying the amount of hashrate in China that migrates during wet season. #bitcoin #btc #miningpools #novablock #hashrate pic.twitter.com/z6TzBc294R
— NovaBlock (@nova_block) October 26, 2020
Following the mining hashrate decrease, the difficulty is expected to fall by 10% as well next Sunday.
Rainy season in Sichuan has come to an end. Looks like about 25-30EH has come off the network over night.
Expecting Difficulty to drop by over 10% next Sunday. pic.twitter.com/TO88sidncN
— Hashrate Index (@hashrateindex) October 26, 2020
Bitcoin is currently trading at [FIAT:$13,026.46 ] DOWN -0.2% in the last 24 hours according to Coingecko at the time of this report.