Bitcoin wallet moved 4,997 BTC to cryptocurrency exchange Bitfinex yesterday, according to the latest data published by blockchain tracking platform Whale Alert. Large Bitcoin transactions saw a dip over the weekend amid price stability in the world’s most valuable digital currency.
The total value of the latest Bitcoin transaction stands at around $180 million. The mentioned transfer was executed on 31 May at 13:46 UTC. The latest transaction appeared approximately one week after a BTC owner moved 9,999 Bitcoin to an unknown cryptocurrency wallet.
Crypto analytics firm Santiment reported a surge in BTC accumulation by Bitcoin millionaires. Large Bitcoin wallets added approximately 30,000 coins during the last week of May 2021. BTC whale addresses (holding between 100 and 10,000 BTC) are now holding more than 9 million coins.
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Similar to the latest movement of 4,997 BTC, a Bitcoin address transferred 800 coins worth nearly $30 million from a wallet to digital exchange crypto.com. The transfer was recorded on 31 May at 21:58 UTC.
Bitcoin’s volatility has dropped slightly since the start of this week amid price stability. According to the latest data published by crypto firm Bybt.com, nearly $130 million worth of BTC positions were liquidated in the latest 24 hours.
Institutional Adoption of Bitcoin
Despite the latest dip in Bitcoin and other cryptocurrency assets, the adoption of BTC has increased during the last few weeks. Earlier this week, the Bank of New York Mellon Corporation, commonly known as BNY Mellon, announced that it is planning to expand its presence in BTC and cryptocurrency market through a dedicated crypto unit in Ireland. Carl Icahn, the US-based billionaire and founder of Icahn Enterprises, surprised everyone with his positive comments about BTC and cryptocurrencies last week. During an interview with Bloomberg, the former critic of BTC said that his firm is studying the crypto market for a potential investment of up to $1.5 billion.
Bitcoin is currently trading near $37,000 with a market cap of more than $690 billion.
Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out
After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.
Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.
On paper, this made Williamson the richest man in the world.
‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.
I look at it again and I’m like… at that point I fall out of my bed, literally.”
Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.
Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected.
This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents.
Williamson is keeping a positive attitude on the situation.
“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.
‘So, you know, let me know.’”
BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
PayPal and Visa Lead $300M Funding for Blockchain Capital
Blockchain Capital remains a major tech backer in the DLT space with investments in numerous crypto and DLT projects.
Fund V with $300M Funding
According to a press release published on Monday (June 22, 2021), Blockchain Capital has closed funding for its Fund V LP. The capital raise reportedly drew participation from several high-profile backers including global payment giants Visa and PayPal.
Capped at $300 million, Blockchain Capital’s latest fund was oversubscribed likely pointing to the continued appetite for DLT-related funding despite the current crypto market downturn. Apart from Visa and PayPal, university endowments, hedge funds, family offices, and pension funds also participated in the capital raise.
Bart Stephens, co-founder and managing partner at Blockchain Capital commented on the closure of the fifth VC fund, stating:
“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”
Spokespersons for both Visa and PayPal stated that their support for Blockchain Capital was part of efforts to boost innovation in digital finance. According to Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal:
“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”
Serial Blockchain Backer
Blockchain Capital is a serial investor in the crypto and DLT space. The company’s portfolio of projects cuts across several facets of the emerging industry including United States-based exchange giants like Coinbase and Kraken.
Blockchain Capital’s investment portfolio also extends to the decentralized finance market arena, backing projects like Aave, UMA, and Nexus Mutual.
Since securing about $2 million in funding from Blockchain Capital and other investors back in May 2018, OpenSea has been able to attract additional investments, including a $23 million injection as reported by CryptoPotato back in March.
Binance Coin’s recovery hinged on this
Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.
Binance Coin 4-hour chart
Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.
Visible Range’s point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.
However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236
Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.
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