When Bitcoin (BTC) values are struggling at $16.5K, the number one crypto exchange Binance moves 127,351 BTC worth $2.06 billion from an old wallet to a new wallet address.
On Monday, the Bitcoin (BTC) values tanked and fell below the $16.5K support level. Most analysts now predict BTC prices could fall even further and reach the bottom of $14.5K. However, there are detractors of this view, and they point out historical bear markets data and point out that BTC prices could surge from the present levels. Interestingly, Binance CEO “CZ” clarifies that the transfer is part of the Proof-of-Reserve Audit.
Binance Transfers Over $2 Billion Bitcoin (BTC) To Anonymous Wallet
A tweet by Whale Alert on November 28, 2022, revealed that 127,351 BTC worth $2.06 billion had been transferred from the crypto exchange Binance to an unknown wallet. The news immediately raised alarms in the crypto community, and there were apprehensions about the massive amount of Bitcoin moving from Binance.
The news was also confirmed by Lookonchain, which said that Binance had indeed offloaded all 127,351 Bitcoin (BTC) from a cold wallet to a new wallet address. The Binance cold wallet has nil worth now. In the meantime, the crypto community was fearful that BTC would be dumped as Bitcoin saw a sudden selloff today.
The affected cold wallet was the same one that came into the news on October 26 and November 11 when the wallet saw an influx of 127,351 BTC on November 18. Today, 127,351 BTC have been offloaded to another new wallet.
It is still unclear why this operation was conducted, and the Binance CEO will still comment on this matter. However, some experts believe that it is related to BTCB-Reserve reorganization.
Bitcoin price is changing at $16,225.16, down over 1.94% in the last 24 hours, with a high of $16594.41 and a low of $16086.66. The trading volume surged over 33.33% at $25,536,045,186 as BTC price saw a massive selloff on Monday.