An unknown Bitcoin user has carried out two massive Bitcoin transactions surpassing $1bln in value.
As identified by Whale Alert on Twitter and reported by Cointelegraph and Decrypt, two transactions that took place within minutes of each other saw 88 856 BTC worth more than $1bln moved from wallets on the Xapo cryptocurrency exchange.
The two transactions, firstly 45,671 BTC worth $602 million and a second amount of 43,185 BTC valued at $570 million were sent from Xapo wallets to unknown wallets. The transfer of more than $1bln worth of Bitcoin only cost the user $3.54 in transaction fees.
Cointelegraph has speculated that the transaction could have also originated from a wallet address in the United States given that Coinbase Custody previously acquired the Xapo business in 2019.
It is also believed that the sum of these two transactions account for the largest ever movement of cryptocurrency by value. The honors of the largest single BTC transaction still belongs to infamous, now-defunct cryptocurrency exchange MT Gox for a 550,000 BTC transaction in 2011 that would be worth over $7bln at the current Bitcoin market price.
Bullish times for Bitcoin
This massive movement of Bitcoin comes at a very bullish period for the preeminent cryptocurrency. As the end of October draws near, it brings down the curtain on a week of significant price strength for BTC.
Major developments last week, which were headlined by the announcement that PayPal would be introducing cryptocurrency payment support and services for its users. According to data from TradingView, Bitcoin is now sitting steadily above the $13000 mark – a price not seen since July 2019 in which the price briefly topped that mark before correcting below it once again.
The increase in value rounds off an 82% increase in the price of BTC in 2020 and has also seen a number of influential figures in the world of finance and trading tout the renewed interest in the cryptocurrency.