Whale alert reports another transfer of Bitcoin as a Bitcoin whale has transferred an amount of $80 Million worth of 10K BTC into the account of Binance cryptocurrency exchange.
Whale Alert says that this transfer is indicating another Bitcoin dump. But the crypto whales have not been able to know about the main reason behind this bitcoin transaction.
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According to the Whale alert, the amount of Bitcoin has been transferred from an unknown wallet to the cryptocurrency exchange Binance.
— Whale Alert (@whale_alert) October 17, 2019
No Progress in Bitcoin Price
For the last few weeks, no progress has been noticed in the bitcoin price. The price of the coin has been trading between the marks $7,900-to-$8,400.
The crypto traders and investors are expecting that Bitcoin will go low in the upcoming days. This could be the reason why Bitcoin whales have started to make Bitcoin transactions.
Another Potential Dump
Whale alert thinks that this huge transfer of Bitcoin by a whale could mean another potential dump for Bitcoin.
The world’s leading cryptocurrency is trading below the $10k mark. And the crypto market predicts that Bitcoin may continue to flow in the downward direction and touch the trading point of $6k in the near future.
This could be the intention of the Bitcoin traders that they should sell the coins now and they can buy the cryptocurrency later when the price of the Bitcoin would be trading at the low point. So they are making huge transactions to the cryptocurrency exchanges which would ultimately cause the potential dump of the Bitcoin.
Apart from this transaction, we have seen some other Bitcoin transfers as well in the last week. As recently, another Bitcoin whale sent $24 Million worth of BTC from an unknown wallet to the accounts of two crypto exchanges.