Bitcoin worth $356 million, at press time, was moved from a single wallet to two different wallets, with no further transactions occurring. This transaction contained a total of 48,000 Bitcoins.
This transaction as seen on the Bitcoin blockchain makes one of the receivers the 14th largest Bitcoin wallet. The sender has had the balance of 48,000 since December 29, 2018, but came down to zero, at press time.
As seen above, the sender [174jWqrE2zrP57xWLAmwWCwxSHkJrfurWU] sent 47,000 BTC to 15VREscuZWHb41zzyivw6ZYagMyJ6YKFHd and 1000 BTC to 1HMSPFFfgcCGqXKNYq81yx4cWgDBnCo3qG.
The recent pump in Bitcoin’s prices has brought forth a frenzy last seen during 2017 bull rally; however, some believe that this rally could be a short squeeze. Others speculated that Bitcoin’s rally will come to dump once Binance activates withdrawals and deposits that were closed after the hack.
A bunch of other people speculated that this rally is similar to the one that occurred when CFTC first filed a lawsuit against Tether in 2017. @Bitfinex’ed, a Twitter user commented:
“December 2017: Bitfinex CFTC subpoenas, Bitcoin price doubles. May 2019: Bitfinex sued by New York Attorney General, Bitfinex “super secret sauce” money laundering bank shut down and indicted for bank fraud and money laundering, Bitcoin price doubles. We know how this ends.”
Bull run or not, there are massive transactions of Bitcoins being moved to and from wallets, bringing all of the dormant Bitcoin bulls out of the closet.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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