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Mysterious Bitcoin Move to Binance Makes BTC Price Plummet Again: Details

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Mysterious Bitcoin Move to Binance Makes BTC Price Plummet Again: Details

As the world’s flagship cryptocurrency has staged a massive plunge over the past 24 hours, @lookonchain analytics platform has noticed a curious Bitcoin transaction that preceded this price fall. It pointed out this is not the first time that this whale has sold a massive BTC amount right before the price stages a big fall.

Bitcoin plummeted over whale? Here’s what happened

@lookonchain has spotted a mysterious cryptocurrency holder (large holders like this are often referred to as whales within the crypto community) who transferred a massive 4,637 BTC chunk to a hot wallet linked to the Binance exchange within the last 24 hours. The amount of Bitcoin transferred comprises a hefty amount of fiat – roughly $329 million.

Why is #Bitcoin down 6.6% today?

We noticed that a #Binance deposit wallet moved 4,637 $BTC($329M) to #Binance hot wallet in the past 24 hours.

Coincidentally, the deposit wallet also moved 4,876 $BTC($319M) to #Binance hot wallet during the $BTC drop on Mar 5.

— Lookonchain (@lookonchain) March 15, 2024

It happened right when Bitcoin demonstrated an astonishing 9.93% plunge, losing approximately $7,400 from its market price. While yesterday’s Bitcoin fall was followed by an attempt to regain some of the losses, today BTC lost an astonishing 8% worth $5,800.

The aforementioned blockchain sleuth pointed out that this is not the first time this whale’s transaction has coincided with a big Bitcoin decline. Before BTC plummeted on March 5. Back then, the same whale had transferred a slightly bigger chunk of Bitcoin to the world’s largest exchange – 4,876 BTC coins evaluated at $319 at the time when the transaction was made.

Robert Kiyosaki loves gold by he prefers Bitcoin

Famous investor and author of the “Rich Dad Poor Dad” book on managing personal finance Robert Kiyosaki is known as a vocal Bitcoin supporter. In his recent tweet, Kiyosaki stated that he prefers Bitcoin to all other traditional minable high-valued assets.

The writer and financial expert shared that aside to Bitcoin, he owns gold, silver and even several oil wells. However, he pointed out that the trouble with all these assets is that once their price goes higher, more gold, silver and oil can be produced (mined).

I love gold and silver. I own gold and silver mines. The problem with gold and silver is…the higher the prices go, the more gold and silver is found. Same with oil. I own oil wells also. That is not true with Bitcoin. No matter how high the price of Bitcoin goes there will only…

— Robert Kiyosaki (@theRealKiyosaki) March 14, 2024

It does not work with Bitcoin, Kiyosaki reminded his 2.1 million Twitter/X audience, since BTC is forever limited to only 21 million coins and more than two thirds of them have already been produced by miners. For this reason, Kiyosaki’s bet on Bitcoin is much bigger than on gold and silver.