Bitcoin Crypto

Investors Transfer Massive 13.7K Bitcoin (BTC) To Binance and Coinbase, As Crypto Liquidations Surpass $600M

08/19/2022
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The massive transfer of BTC to exchanges in 24 hours.

Possible Interest Rates Hike Prompts Investors to Dump 13.7K Bitcoin (BTC) on Binance and Coinbase.

The last 24 hours have been terrible for cryptocurrency investors globally, as prices of all crypto assets have plummeted massively. In the past day, Bitcoin has lost nearly 10% of its value, after falling from above $23,000 to $21,353, data from Coingecko shows. 

The price of Bitcoin started falling after Federal Reserve’s minutes suggested a possible hike in interest rates was around the corner in a bid to curtail rising inflation. 

Based on this expectation, investors are pressured into converting their crypto assets to stablecoins, as they expect prices to plunge soon. Bitcoin investors were not left out.

On the other hand, according to Coinglass data, crypto liquidation reached above $600M as $223M were liquidated in Bitcoin and $162M in Ethereum in the past 24 hours. Other liquidations include $9.6M in doge, $14M in SOL, $7M in ADA, and $5M in XRP & LINK.

Huge Amount of BTC Transferred to Exchanges

Cryptocurrency whale tracking service Whale Alert observed some large amounts of Bitcoin transferred to cryptocurrency exchanges in the last 24 hours. 

According to Whale Alert, a total of 13,735 BTC have been sent to exchanges in a day. 

First, Whale Alert saw a total of 1,824 BTC worth $42.23 million transferred from an unknown wallet to San Francisco-based exchange Coinbase. 

Similarly, the cryptocurrency whale tracking service observed another 1,894 Bitcoin ($43.42 million) sent from an unknown wallet to an address on Coinbase. 

Additionally, 1,008 BTC were also moved to a different Coinbase address from an unknown wallet, Whale Alert reports. 

Furthermore, another 1,000 units of Bitcoin were sent from a Xapo address to Coinbase. At the time of the transaction, the funds were valued at around $22 million. 

More Bitcoin Moved to Exchanges

Per Whale Alert, a total of 1,009 Bitcoins ($22.18 million) were transferred from an address on the Coinbase exchange to Binance. 

In addition, 1,000 units of BTC ($21.94 million) were also moved from popular wallet provider Xapo to Binance. Another exchange to exchange BTC transfer also occurred today between Binance and Coinbase. 

A total of 5,000 BTC worth $107.98 million were moved to a Coinbase address from Binance. 

Whale Alert also reported that another 1,000 BTC, worth $21.39 million, were sent from Xapo to Binance. 

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Source: https://thecryptobasic.com/2022/08/19/investors-transfer-massive-13-7k-bitcoin-btc-to-binance-and-coinbase-as-crypto-liquidations-surpass-600m/?utm_source=rss&utm_medium=rss&utm_campaign=investors-transfer-massive-13-7k-bitcoin-btc-to-binance-and-coinbase-as-crypto-liquidations-surpass-600m