Mysterious Whale Drops 6,500 Bitcoin on Binance

As Bitcoin slowly scales towards $13,000, it appears that people are looking to make a quick profit, during this time.

An anonymous individual deemed it appropriate to sell some or all of their bitcoin on the open market. The trade occurred early Tuesday morning on Binance, where the trader dumped 6,500 BTC at $12,100, roughly equal to $78.5 million in capital converted to Tether (USDT), reported news portal, Sludgefeed.

Alex Saunders, who is the founder of Nuggets News AU said, “A whale just dumped 6500 $BTC on @binance at $12100. The order is been eaten away at. Only 3500 left. People buying the dip.”

A whale just dumped 6500 $BTC on @binance at $12100. The order is been eaten away at. Only 3500 left. People buying the dip. #Bitcoinhttps://t.co/9PzK3Hx39c

— Alex Saunders (@AlexSaundersAU) July 9, 2019

The portal noted that this resulted in something known as ‘sell wall’ where in a large sell order or multiple orders at a specific prices momentarily prevents the price from moving any higher. However, the sell wall lasted for only a few minutes as the bitcoin bull ate away at the supply.

This news would come as a breath of fresh air for the exchange. Recently, it was reportedthat the hackers who breached Binance and stole $7000 worth of bitcoin, moved their haul from one hacker’s wallet to a pair of separate addresses and interestingly the move coincided with Tether’s recent USDT printing frenzy and Bitcoin’s strong upside move to $12,750.

The move was also noticed by London-based research analysts, Coinfirm. In a tweet, the company said, “The #Binance hacker once again moved the #btc to new addresses! This time all of it according to analysis by http://Coinfirm.com @amlt_token.After we documented the movement of some yesterday(orange) all of the funds 7070.9 BTC ($41.8m) were moved to 7 new addresses.

Last month, we had reported that the bitcoins stolen had been moved to 7 different addresses, with about 1,000 Bitcoins moved to each of them. 7,074 Bitcoins were stolen in that attack, which were worth $42.8 million at the time of writing this article.

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