During the recent crash in cryptocurrency prices, a major Bitcoin investor spent about $150 million (~£114 million) to acquire digital assets. His name has not been revealed, but he is known to be the third-largest holder of BTC.
It was revealed yesterday that one of Bitcoin’s biggest holders successfully took advantage of the recent price drop. Once the value of BTC fell below $50,000, the investor spent around $150 million on the popular cryptocurrency, purchasing more than 3,000 BTC. This was revealed by BitInfoCharts, a blockchain monitoring service.
According to Business Insider Australia, the anonymous Bitcoin whale currently holds around $5.9 billion in digital assets. Judging by the activity of the crypto address, he made his first investments in February 2019, when BTC was worth around $3,000. Since then, the successful investor has made about $3.4 billion in profits.
As you may recall, the cryptocurrency market suffered a sharp price collapse on Saturday, during which the value of BTC fell below $42,000. The situation is now recovering, at the time of writing, Bitcoin price is hovering around $50,000.
Many investors have tried to get rid of digital assets at this time, analysts said. They’re afraid of the risks posed by a new strain of the Omicron coronavirus and that the Federal Reserve will tighten monetary policy. Analysts believe Saturday’s collapse in prices was triggered by many traders using leverage and derivatives.
How the most popular cryptocurrency will behave next, and how long it will hold that honorary title, is an open question. Perhaps in the future, as technology develops, this situation will change, and we’ll be watching closely for completely different types of digital assets.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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