Skip to main content

The stolen $750 million in Bitcoin (BTC) from the Bitfinex hack in 2016 is on the move.

By


A large amount of Bitcoin is on the move, which was previously linked to the 2016 Bitfinex exchange hack. Recently, the popular Twitter handle Whale Alert reported two such incidents in which Bitcoins worth more than $750 million were transferred to an unknown wallet.


According to a recent report, more than 20,000 Bitcoins were moved in two separate transactions of 10,000 BTC each. This is the second time in the last year that hackers have moved funds stolen from the Bitfinex hack in 2016. At the time, 119,756 BTC were stolen from the exchange, causing the market to crash.




Last year when Bitcoin was trading at its all-time high in mid-April 2021, the hackers had moved the first batch of Bitcoins worth $750 million.


Will This Affect the Price of Bitcoin?


It will be interesting to see if this move adds to the volatility of the Bitcoin price. Nearly 20% of the total Bitcoin stolen has been moved by hackers.


While most exchanges have made it impossible to cash out stolen exchanges, hackers may be able to find other ways to liquidate their holdings. The recent fund transfer, on the other hand, indicates that the hackers are in the mood to manipulate the market.


As of press time, Bitcoin is trading 4.5% up at a price of $38,500 levels with a market cap of $730 billion. Bitcoin has already been trading at more than a 45% discount from its all-time high levels of $69,000 in November 2021.


Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor.


Courtesy: Glassnode



To confirm an uptrend, Bitcoin must first reclaim above $39,500, and then above $42,500. After a sharp drop earlier this month, the market has been anticipating a healthy rebound. It will be interesting to see if Bitcoin can reclaim the $40,000 mark before the end of the week.

Comments

Post a Comment

Popular posts from this blog

Ukraine Crisis Might Impact Global Markets and Bitcoin

By Chief
  Important Factors & Impact The decline we've witnessed in recent weeks is mostly due to factors other than Russia-Ukraine tensions. European markets have fallen to their lowest levels since October, while New York has experienced a wild trading session. In any case, whereas possibly significant, most impacts can be generally short-term in their scope.   We are in the midst of a crisis. While we type these words, Russian troops are training along Ukraine's border, while the United States has put 8,500 troops on alert, just in case an eastern European war breaks out. As tension has increased between Russia and Ukraine over the latter's possible NATO membership, talks are being held between representatives of both nations, however the situation is still unclear However uncertain the world has become in recent decades, it remains uncertain for financial markets, including crypto. According to a variety of analysts who spoke with Cryptonews.com, the impact of...
2 comments
Read more

DogeCoin (DOGE) Overtakes Terra (Luna) As The World's 10th Largest Cryptocurrency

By
In terms of market capitalization, Dogecoin (DOGE) has surpassed Terra (LUNA) to become the tenth largest cryptocurrency. The switch follows the accompanying drama in the Terra ecosystem, which has seen the price of the LUNA tank plummet in recent days. LUNA has dropped 28.16 percent in the previous week and is now trading at more than 50% below its all-time high set in December. The battle for supremacy between DOGE and LUNA continues to heat up. According to CryptoRank, Dogecoin has surpassed Terra (LUNA) in market capitalization once again. DOGE has a market cap of roughly $18.22 billion, while LUNA has a market worth of around $18.20 billion. Market participants, on the other hand, are pointing out that the switch was caused by a panic selloff in the LUNA market, not by a boom in DOGE. In the last seven days, the price of DOGE has increased by 1.04 percent. In the same time period, however, LUNA has dropped 28.16 percent. According to Krypto Tribe tracker Santiment, the depletion h...
Post a Comment
Read more