$5.6 billion worth of Bitcoin Transfer with a fee of just $18

$5.6 billion worth of Bitcoin Transfer with a fee of just $18

According to a cryptocurrency analytic tracker, Bitaps, a large number of bitcoin precisely 111, 511 BTC which is worth $5.6 billion was transferred to another bitcoin wallet with a fee of just $18.

Based on the report, this has become one of the biggest transfers that have happened in blockchain up till today.

Bitcoin which is the world’s most valuable cryptocurrency traded at $49,771.40 with a trading daily volume of $76 billion at the time of writing this report, which represents that bitcoin went up by 2.69% for the day.

The market value of bitcoin has hit $927.3 billion which is a result of high-net-worth individuals who are going into the Bitcoin space to invest with the expectation that they will be a price appreciation.

Bitcoin on the other hand has been experiencing an upward trend over the month.

A few hours ago, it hit a new all-time high record of the $50,000 mark.

Also, in the past week, Tesla which is the world’s most valuable carmaker accepted and integrated Bitcoin as a future payment method for its company.

Aside from Tesla accepting bitcoin, Bitcoin has also received recommendations from other top companies like BNY Mellon, Mastercard, and America’s oldest bank.

The Mastercard company had earlier mentioned that it will open its network to support cryptocurrencies in which Bitcoin was included.

However, owing to the fact that 2021 has already gained an increase in bitcoin by about 73%, then we can hope that 2021 would be a good year in terms of bitcoin price appreciation.

According to source

it is anticipated that the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto’s recent highs.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

Also, it’s key to note, Bitcoin’s liquidity is getting squashed, on the bias that global investors are hoarding, meaning accessible BTC is becoming scarcer. 1 million Bitcoins have become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive

Conclusion

Recently, 111, 511 BTC which is worth $5.6 billion was transferred with a fee of just $18, this is the first time that such among of BTC is transfered with such a fee.

The world’s most valuable cryptocurrency, Bitcoin for months now has been experiencing an increase in trend.

Tesla which is one of the world’s most valuable carmakers has accepted Bitcoin as a future payment method.

BNY Mellon, Mastercard, and America’s oldest bank are also supporters of Bitcoin.