A crypto whale has shocked the entire world with a whopping $388 million total withdrawals of Bitcoin on the largest crypto exchange platform in the world, Binance. This easily prompted a drop to the top crypto's prices over the past days after seeing it starting a healthy week in the sub-$70,000 price range, but then a slight dip took place when the withdrawals took place.
That being said, Bitcoin has reportedly rebounded in the market after the whale's massive move, holding steady at $66,000 in the present.
Bitcoin Worth $388 Million Withdrawn by Whale in Binance
Kanchanara on Unsplash
Spot On Chain shared multiple reports on Bitcoin's current conditions in the market after spotting a whale on Binance withdrawing their BTC assets now totaling $388 million. In the initial report, four whales have collectively withdrawn a total of 5,900 BTC, with the biggest one from a user called "12QVs" on Binance withdrawing 4,500 Bitcoins worth $303 million.
However, after a day, the same whale was seen yet again taking back another 1,300 BTCs worth $85.6 million on the largest crypto exchange platform.
The whale, 12QVs, withdrew a total of 5,800 Bitcoins worth $388 million, reportedly when BTC's price dropped, to the average price of $66,695.
While Bitcoin's price was dropping, the said whales, and the biggest one from Binance decided to take back their holdings which further hurt the market. However, according to U.Today, this did not cause a significant hit on the blockchain despite the bearish move, with the top cryptocurrency in the market already rebounding and holding a steady ground within $66,000.
Bitcoin and its Recent Market Performance
July 2024 started with bad tidings in the crypto market as it saw the top cryptocurrency, Bitcoin, crashing at a rapid pace after staying within the $60,000 valuation for several weeks. It was prompted by defunct BTC platform, Mt. Gox, which began returning the Bitcoin they owed customers after its bankruptcy, seeing it crash to a massive low of $53,000.
That being said, Bitcoin saw a bearish run in the market as believers and investors worked their magic in rallying the coin back to higher valuations, seeing a positive chart for the coin. Last week, BTC saw it climb back to $67,000 and almost reached $69,000 after soaring with significant performance after its last dip, also following speculations on Trump's support for the coin.
Over the past weekend, Donald Trump shocked the world in his appearance at the Bitcoin Conference in Nashville and promised a significant focus on crypto in the future should he be elected.
While these past events brought a significant soar for BTC's future, the whale's withdrawal prompted a slight dip in the coin but is now bouncing back again and holding strong at $66,000.
