An extremely popular cryptocurrency exchange by the name of Coinbase has recently received $408.8 million as a transfer to the platform. This entire sum had been paid in Bitcoin (BTC) through a whale whose identity has yet to be determined. The Bitcoin wallet that was used to make the transaction is also anonymous, and the fee was said to be only $3.6.
Whale Alert had been the one to provide the update thanks to a tweet that indicated that earlier today, an unknown cryptocurrency whale had successfully shifted a massive amount of 13,003 BTC to the exchange. Coinbase remains the biggest cryptocurrency trading venue, and it is based in the United States. It had also recently decided to go public on Nasdaq, which had inspired many others to do the same shortly afterward.
Better fees and speed
As previously mentioned, the (some would say) overwhelming amount of over 13,000 BTC that had been transferred from the whale’s wallet had also incurred a transaction fee of $3.6, or 0.00011508 BTC to be exact. It goes without saying that this fee is nothing compared to the amount that had been transferred, and numerous investors and crypto investors often use situations like this to exemplify the fact that banks and other fiat-based financial institutions are usually unable to provide such fees for any money transfers. Furthermore, the speed of the crypto transactions is also something that the cryptocurrency industry tends to be superior in, with banks struggling to keep up.
Earlier in the week, 14,550 BTC had been sent to Binance from crypto whales. Of this amount, 4,518.4 BTC had been deposited in just an hour. As a result, there is the recurring belief that Bitcoin’s selling pressure has indeed become stronger as of late.
As things stand now, BTC is trading at $31,554. Earlier on, the flagship crypto had fallen from above $32,000 to $31,715. While this price is a slight increase of 0.3% since yesterday, most of the altcoins are currently in the red, with Ethereum (ETH) falling from above the $1,900 mark to its current price of just over $1,870.
Furthermore, it had been during this past Friday that the price had increased a little bit following the rumor that Bank of America might be considering adding Bitcoin futures, which had been confirmed earlier today.