Bitcoin Whale Acquires Almost 500 BTC Despite Crash

One of the largest Bitcoin (BTC) whales appears to be making the most out of the recent market crash. Reports show that the third-largest BTC wallet added close to 500 BTC to its holding.

The anonymous wallet purchased 490 BTC when the cryptocurrency traded at $46,800 with a transaction value of $23 million.

Whale activity tracking platform, WhaleAlert, reported that the transaction occurred in the early hours of September 8 and that it emanated from US-based crypto exchange Coinbase. Currently, this anonymous whale wallet holds 4,000 BTC more than during the Bitcoin peak in May, bringing its worth to $5 billion.

Meanwhile, reports show that this whale wallet acquired coins on August 27 in two separate purchases. One of the transactions included the purchase of 466 BTC at $47,400, while the other was a modest 38 coins, bringing the total acquisition to $23 million at today’s price. Also, these purchases emanated from Coinbase.

The whale purchase came a day after a massive crash in the crypto market, which—not surprisingly—occurred on the same day El Salvador officially recognized Bitcoin as a legal tender. The entire crypto market lost close to $400 billion in value, making it one of the worst sell-offs since late May.

Key Bitcoin Levels to Watch — September 9

Bitcoin has fallen into a sideways trading pattern between $46,800 and $45,500 over the past 48 hours, following the crash from the $52,500 area. That said, we could see a rebound from the current price levels as the broader market recovers from the recent onslaught.

To kickstart a recovery, BTC needs to register footing above the 200 SMA at $47,550 area. Failure to do that could trigger another round of decline towards the $43,000 low.

Meanwhile, our resistance levels are at $48,000, $49,500, and $50,000, and our key support levels are at $46,000, $45,000, and $44,000.

Total Market Capitalization: $2.14 trillion

Bitcoin Market Capitalization: $883.1 billion

Bitcoin Dominance: 41.2%

Market Rank: #1

 

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