Researchers Have Issued A Serious Bitcoin Security Warning

Bitcoin and cryptocurrency adoption has failed to live up to expectations over recent years and fears around scams, fraud, and theft have not helped.

The bitcoin price, after its epic 2017 bull run, slumped last year–though has rebounded in 2019, climbing back above $10,000 per bitcoin.

Now, researchers have warned a staggering four out of the first five results returned when asking Google for a “bitcoin qr generator” led to scam websites–potentially furthering negative public perception around bitcoin and cryptocurrency.

If a user of one of these scam sites tries to generate a QR code for their own bitcoin address, it will create a QR code for the scammer’s wallet, researchers from ZenGo, a bitcoin and cryptocurrency wallet provider, found.

QR codes are often used to share data via a smartphones’ camera and are commonly used to quickly share a bitcoin or cryptocurrency wallet address.

“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers,” ZenGo’s Tal Be’ery wrote in a blog post.

“Scammers do not even bother with generating their fake QR themselves, instead they shamelessly call a blockchain explorer API to generate the QR for their address.”

Researchers calculated that some $20,000 had recently been lost to QR code scams, calling their findings “just the tip of the iceberg,” as thieves likely regularly change their bitcoin and crypto addresses to avoid…

Continue reading at FORBES.com

Ethereum Will ‘Mega Moon’ Against Bitcoin, Predicts Trader

To say that Ethereum is weakening against the king of cryptocurrencies would be a huge understatement. The ETH/BTC pair is down by nearly 50% year-to-date as it languishes in bear territory for 17 months and counting. The sentiment is so overwhelmingly bearish that some traders are happy to short the crypto pair.

Suprematic Wassie (ex_hermit)@GothBtcSinner

/ 4H
ethbtc short setup

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See Suprematic Wassie (ex_hermit)’s other Tweets

Nevertheless, big accounts in the Crypto Twitter community are starting to feel that the worst is over for the pair. If you’ve been HODLing, you may want to listen to what the widely-followed DonAlt has to say.

Analyst: Ethereum/Bitcoin Fractal ‘Playing Out Magically So Far’

On July 10th, DonAlt shared on Twitter a chart of the ETH/BTC pair illustrating a fractal that involves one dump to support at 1,500,000 satoshis before a “mega moon” to 20,000,000 satoshis.

DonAlt@CryptoDonAlt

hopium

I posted this a few months ago but can’t find the post anymore.
Playing out magically so far.
The ETH fractal – dump it into mega moon.

View image on Twitter
136 people are talking about this

The trader then provided an update on August 15th. At the time, the cryptocurrency was hurling towards support of 1,500,000 satoshis. In the tweet, the analyst wrote,

This is starting to get spooky now. 0.015 (1,500,000 satoshis) is really good support for ETH.

DonAlt@CryptoDonAlt

hopium

I posted this a few months ago but can’t find the post anymore.
Playing out magically so far.
The ETH fractal – dump it into mega moon.

View image on Twitter

DonAlt@CryptoDonAlt

hopium update:

This is starting to get really spooky now.
0.015 is really good support for ETH either way, the fractal is just there for additional confluence.

There is a decent chance we set at least a short/midterm bottom there in my opinion.

View image on Twitter
107 people are talking about this

Recently, the trader provided another update. It appears that the pair is respecting support of 1,500,000 satoshis. However, the analyst noted that even though the patterns look similar, a shakeout would be ideal. In the tweet, the trader noted,

How funny would it be if the meme fractal actually played out?

DonAlt@CryptoDonAlt

hopium update:

This is starting to get really spooky now.
0.015 is really good support for ETH either way, the fractal is just there for additional confluence.

There is a decent chance we set at least a short/midterm bottom there in my opinion.

View image on Twitter

DonAlt@CryptoDonAlt

hopium update:

How funny would it be if the meme fractal actually played out?
Slim chance for that, I’d personally like to see a shakeout to call a bottom.
That said it still looks very similar.

View image on Twitter
72 people are talking about this

DonAlt is not alone to have a bullish stance on the cryptocurrency. “Trader Max” (also known as Bitcoin Jack), the lead analyst at Bravado Trading, supports DonAlt’s sentiments. The trader spoke to CCN. He said…

Continue reading at CCN.com

Bitcoin Blow As Coinbase And Ripple Crash Out Of U.S. Startup Top 10

Bitcoin’s epic 2017 bull run propelled many cryptocurrency startups into the stratosphere, but most have now crashed back down to earth.

The bitcoin price, which rose from under $1,000 per bitcoin to almost $20,000 over the course of 2017, fell sharply last year before rebounding somewhat so far in 2019.

Now, it’s been revealed bitcoin and cryptocurrency investor darlings Coinbase, a San Francisco-based crypto exchange, and Ripple, the payments group behind the XRP cryptocurrency, have crashed out of a top 10 U.S. startups list for 2019–each dropping over 20 places.

Coinbase, previously ranked third on the startup list, has fallen to 29th, while Ripple has slipped from seventh to 28th.

The ranking of U.S.-based firms, put together by professional social network LinkedIn, analyses companies’ popularity using employee growth, job seeker interest and member engagement.

Meanwhile, Gemini Trust Company, the custodian of the Winklevoss twins’ Gemini crypto exchange, and ethereum development firm ConsenSys dropped out of the list entirely from the 25th and the 26th spots respectively last year.

Both Coinbase and Ripple have struggled recently as competition, regulation and lower-than-hoped-for bitcoin and crypto adoption have weighed on their bottom lines.

Last month, London-based Barclays bank ended its relationship with Coinbase which began in March last year as it expanded into Europe.

Meanwhile, the price of Ripple’s XRP has slumped some 25% so far this year, while bitcoin has risen around 200%, with bitcoin’s dominance, a measure of its weighting compared the rest of the cryptocurrency market, now at 70% according to CoinMarketCap data—its highest in 18 months.

Ripple has struggled to keep up with expectations over recent months after a flurry of major financial services companies signed up to its products last year.

Elsewhere on LinkedIn’s U.S. startup top 10, Snowflake Computing, a cloud-based data-warehousing startup, came in at…

Continue reading at FORBES.com

Someone Just Moved a Billion Dollars in Bitcoin

Last week, an unknown person or group transferred 94,505 bitcoins valued at over $1 billion USD in a single transaction. Now, observers are scratching their heads over the question of who is responsible for the eye-popping transfer.

Whale Alert, a Twitter account dedicated to live tracking of large cryptocurrency transactions, first spotted the transfer and tweeted an alert minutes after it happened late on Thursday night, EST time.

That transaction seems to be one of the recipient address’ first, followed by dozens of smaller transactions ranging from $6,644 to $.07. For now, it’s anyone’s guess as to who is behind the transaction, as the addresses involved aren’t known to the cryptocurrency community (all Bitcoin addresses are pseudonymous but can gain recognition through re-use or public identification by the owner.)

There are only around 100 Bitcoin addresses holding more than 10,000 bitcoins, accounting for 14.95 percent of all mined coins, according to BitInfoCharts. Many of the largest holders are Bitcoin exchanges. Besides companies and institutions, there are also “whales” who have accumulated large hoards of bitcoins either through mining or savvy investing.

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The idea that a business may be involved led to the theory that Bakkt, a Bitcoin futures provider that opened a “warehouse” to store customer funds on September 6, was responsible for the transaction.

TokenAnalyst, a blockchain data analyst firm, said on Twitter that a third of the bitcoins could be traced back to Huobi—a Singapore-based cryptocurrency exchange. “Our team is looking into the validity of the claim,” said a Huobi spokesperson according to Coindesk.

On July 29th, Larry Cermak, Director of Research at cryptocurrency news outlet The Block, spotted a whale moving 142,323 BTC (valued at $1.3 billion at the time). Cermak suggested that cryptocurrency wallet company Xapo may have been responsible.

One notable element of the $1 billion Bitcoin transfer is the fee…

Continue reading at VICE.com

Twitter CEO Jack Dorsey Made A Surprise Bitcoin Warning—While Trashing Facebook’s Libra

Bitcoin found a surprising cheerleader in micro-blogging platform Twitter chief executive Jack Dorsey last year–who has since begun steering his payments company Square towards crypto.

The bitcoin price has climbed some 200% so far in 2019 as some of the world’s biggest technology companies, led by the likes of Twitter and social media rival Facebook, have expressed interest in bitcoin and cryptocurrencies.

However, Dorsey has now warned that bitcoin “is not functional as a currency,” though still thinks bitcoin is preferable to something like Facebook’s planned libra digital currency.

“[Bitcoin is] not functional as a currency,” Dorsey warned the Australian Financial Review.

“The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”

Dorsey, who has been talking to Australian media outlets during a tour of the country to promote Square’s launch of new payment terminals there, added he is though still convinced bitcoin will eventually be adopted more widely.

“I think [bitcoin is] the best bet because it’s been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch,” Dorsey said.

“As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [bitcoin is] a pretty high probability.”

Dorsey’s Square revealed last month it generated $125 million in bitcoin revenue in the second quarter of 2019.

“We love you, bitcoin,” Dorsey told investors at the time.

Meanwhile, Dorsey said he would not be supporting Twitter rival Facebook’s libra cryptocurrency, which Facebook boss Mark Zuckerberg wants to launch some time next year, if he can…

Continue reading at FORBES.com

 

 

Is Bitcoin Price Preparing To Mirror 2017’s Bull Run?

Bitcoin price has posted positive returns every quarter this year till date. Last time this happened, we saw BTC hit $20,000 in 2017. Is bitcoin preparing to repeat history then? 


Bitcoin Hit Green in All Quarters This Year

Bitcoin is quietly inching towards the $11,000 price mark, as the contents of this piece are being put out. The positive trend has hit a home run every quarter since the beginning of this year. As pointed out by London-based market analytics firm, Skew Markets, BTC’s 2019 quarterly Forrest Gump like run is reminiscent of 2017’s bull market.

A fact also worth mentioning is the ROI generated in Q2. At 161.5%, bitcoin price registered the highest returns in the second quarter of 2019 in a five-year timeline.

Case For BTC Price Surge Above $20,000

Noted cryptocurrency trader, analyst and bitcoin bull Josh Rager is known for his spot-on technical analyses. In his latest series of tweets, Josh related the current bitcoin price trend to the 2015/2016 when BTC jumped to gain 2.5 times its bottom price, and after a while of sideways trading surged almost 100% in value.

What he indirectly implied is that bitcoin is on way to do a 100% surge this year too. So apart from, 2017’s trend similarity we are looking at another technical perspective, which makes the case for BTC crossing the $20,000 bar all the more stronger.

But Mr. Rager also wants traders/investors to practice patience, as the road upwards won’t be an easy one, and the market will see its fair share of sideways movement. Folks must be ready to keep their optimism running at an optimal level in an event of a crash. At last, he ensures that things will turn out positive no matter what, but of course, that’s his opinion. Cryptocurrency market participants are expected to do their own diligent research.

Important Indicator: ‘Monthly Lows’

As reported by Bitcoinist, industry observer Misir Mahmudov provided his expert commentary on the monthly bitcoin price lows this year which show a steady increase over the past six months. He concluded that the upcoming bull market will be a strong one and unlike anything seen before.

Also, according to him, the current market has matured significantly and is not a ‘2017 gamble mania anymore’. Bitcoin is a proper store-of-value in the making. This can be corroborated with BTC’s consolidation around the $10,000 price zone for more than 2 months, which in turn indicates that this could be the new support.

Bitcoin Crossed $10K Nearly 20 Times This Summer

BTC was observed to have crossed the $10,000 price mark no less than 19 times by Skew Markets again. This ‘to and fro movement’ provides significant insight into the need of the market to break past the crucial $10K psychological barrier and achieve a higher valuation.

From all the aforementioned arguments, the possibility of bitcoin replicating its 2017’s bullish stance comes out loud and clear. But for now, the best course of action is to sit tight and ‘hold position’.

Do you think bitcoin price will surpass the $20,000 mark this year? Share your thoughts in the comments below. 


Images via Bitcoinist Image Library, Twitter: @skew_markets, Josh_Rager, @misir_mahmudov

The post Is Bitcoin Price Preparing To Mirror 2017’s Bull Run? appeared first on Bitcoinist.com.

Source: Bitcoininst

Could US-China Trade Agreement Wipe Out Bitcoin Price Gains?

Bitcoin looked cautious on Thursday as the United States and China announced that they would restart trade negotiations.

Chinese Vice-Premier Liu He and the US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer earlier today spoke over the phone. The two sides decided to meet in Washington in mid-October to negotiate a win-win trade deal.

“On the basis of full preparation by the working groups of both sides, efforts striving for substantive progress will be made in the 13th round of China-US high-level economic and trade consultations in early October,” ministry spokesman Gao Feng said in an interaction with the press. “The economic and trade teams from both sides have maintained effective communication.”

The news sent Asian markets soaring. Investors appeared in a mood to increase their positions in risk-on instruments, prompting China’s CSI 300 to rise by 1.7 percent. Meanwhile, Japan’s Topix and Hong Kong’s Hang Sand index too surged by 2.1 and 0.3 percent, respectively. Australia’s S&P/ASX 200 and South Korea’s Kospi, also rose by 1 percent and 1.2 percent, respectively.

Bitcoin, which many analysts projected as a speculative hedge against the US-China trade dispute, saw its uptrend coming to a halt. The benchmark cryptocurrency was trading 0.47 percent higher to trade at $10,623.99 as of 1100 UTC, hinting a slowdown in otherwise winning streak noted earlier this week – of up to 16.1 percent in the positive territory.

The Trade War-Bitcoin Correlation

The bout of enthusiasm for risk-on assets reflects investors’ willingness to move their capital from safe-haven assets. As Asian stocks performed well, hedging asset Gold lost about 0.5 percent of its value in spot markets. Meanwhile, the US Gold Futures too registered an intraday loss of 0.4 percent.

Bitcoin, like Gold, expects to remain under pressure as the US and China trade talks inject optimism into global stock markets. The cryptocurrency performed exceptionally well shortly after the US President Donald Trump slapped first of many tariffs on the Chinese goods in May this year. Its price surged by more than 150 percent, prompting investors to see bitcoin as the elephant in the room.

Online trading platform eToro noted an increase in…

Continue reading at NEWSBTC.com

What to Make of the Bitcoin Price Yo-Yo This Week

If you’re going to invest in Bitcoin, you have to be prepared for the volatility.

The Bitcoin price action over the past week has been a prime example of Bitcoin’s roller-coaster nature.

I’m going to go over what happened and offer a bit of advice about how to handle these sharp, sudden changes in price.

On Wednesday (Aug. 28), BTC was trading at about $10,250 on the Coindesk Bitcoin Price Index. That was down from about $12,000 as recently as Aug. 7.

Just 30 minutes later, the Bitcoin price had plunged $600, or about 4.5%. For context, an equivalent drop in the Dow Jones Industrial Average would slice nearly 1,200 points off the index.

Bitcoin continued to fall into Thursday, eventually shedding about $890, or 8.7%, in less than 24 hours. (Imagine a one-day drop in the Dow of 2,265 points!)

If it were anything but crypto, that would have been a scary moment. But as we’ve seen so many times before, Bitcoin investors didn’t have to wait long for a rebound.

It started Sunday as BTC climbed up off its lows. Then it shot up $610 in 14 hours, back over $10,000 to $10,354 – a 6.26% gain.

Over the next 48 hours, the rally continued, taking the Bitcoin price as high as $10,741. It represented a jump of $1,381 in five days for a gain of 14.75%. The Dow equivalent of that would be a one-week gain of 3,600 points.

In crypto-land, though, it’s just another day at the office.

Self-styled crypto analysts tried to make sense of it all, offering up a variety of causes that all probably had some part in moving BTC prices.

A likely cause of the sell-off last week was the looming expiration of CME-traded Bitcoin futures on Friday (Aug. 30). Futures expiration dates are known to cause volatility and higher volumes in the stock markets.

It appears the Bitcoin market is no different.

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It’s also possible that some “whale” traders were making moves to position themselves in advance of the start of Bitcoin futures trading on the Bakkt exchange Sept. 23. Those futures will differ from CME in that they will be settled with actual bitcoin.

Whales looking to position themselves ahead of the Bakkt launch new may have taken advantage of lighter trading volumes last week to push prices down as they add to their holdings.

As for the rally, it’s possible that the whales positioning for Bakkt started buying back in.

There were also several positive news announcements, including Bitfinex announcing two new Bitcoin-based derivatives with up to 100x leverage and Binance acquiring crypto exchange JEX, which offers options and futures trading in Bitcoin and Ethereum.

In addition, Argentina imposed capital controls Sept. 1. Because Bitcoin can move seamlessly between borders, it’s popular with citizens seeking to circumvent capital controls (one of the reasons Bitcoin remains popular in China despite government restrictions).

But whatever the immediate causes of the Bitcoin price fluctuations, the larger lesson here is that it’s unwise to focus on these short-term gyrations unless you’re a trader who knows what they’re doing.

Long-term Bitcoin investors are best served by ignoring these price fluctuations. I continue to believe the Bitcoin price will rise over the next couple of years to $100,000 or more.

It’s not worth sweating over moves of a few hundred dollars here and there.

Now let’s move on to a news item that involves a whopping $4 billion worth of bitcoin and a man who would like you to think he’s Bitcoin creator Satoshi Nakamoto…

Craig Wright Is Not Satoshi

The man who claims to be Satoshi Nakamoto, the mysterious creator of Bitcoin, suffered a major legal setback in a court case in Florida last week.

Judge Bruce Reinhart said that Dr. Craig S. Wright had submitted false documents and lied, and the judge ordered him to turn over 410,000 bitcoins – valued at more than $4 billion – to the estate of a former partner, Dave Kleiman, who passed away in 2013. Prior to Kleiman’s death, the two men had mined more than 800,000 bitcoins together.

The Kleiman family sued Wright for half of the bitcoins, and the judge ruled in their favor.

Wright, for those who haven’t heard of him, is an Australian computer scientist who in 2016 claimed to be Satoshi Nakamoto. He also is the primary force behind one of Bitcoin’s forked versions, Bitcoin SV (Satoshi’s Vision).

Because Wright has been unable to prove his claim by moving any of the earliest-mined bitcoins, few cryptocurrency enthusiasts believe him. Most consider him a fraud.

The Kleiman case was another chance for Wright to prove his claim – and he failed miserably.

“Dr. Wright’s demeanor did not impress me as someone who was telling the truth,” Judge Reinhart said. “There is a strong and unrebutted circumstantial inference that Dr. Wright willfully created fraudulent documents.”

Wright’s antics are a concern to the crypto community for several reasons. The real Satoshi would have a tremendous amount of influence within the crypto community, especially in matters concerning Bitcoin.

Satoshi’s true identity also matters because the real Satoshi controls hundreds of thousands of bitcoins – a stash with the potential to upend the market if any significant quantity were sold.

We’ll probably never learn the true identity of Satoshi Nakamoto. But we certainly don’t need charlatans like Craig Wright sowing confusion and making trouble in his name.

Crypto Goes to School

I often see items on crypto news sites or on Twitter that tell me cryptocurrency adoption continues to make slow but steady progress.

Usually, it’s about a large company expanding its use of blockchain technology or a financial institution taking new steps to integrate cryptocurrency into its operations.

But one story I saw last week really screams “Crypto is here to stay.”

According to a study made by the cryptocurrency exchange Coinbase, 56% of the world’s top universities now offer blockchain or crypto classes. That’s up sharply from 42% last year.

And 18% of students has taken such a class – twice as many as last year.

It won’t be long before cryptocurrencies are considered a routine part of academia, much as computer classes started to become pervasive on campuses in the late 1970s and early 1980s.

And we all know how that story ended.

America’s 1% Are Converging on the Next “Gold Rush”

The Fortune 500, big investment firms, and the Wall Street elite are all pouring billions into a new agribusiness market.

It’s an investment strategy that’s already worked for them before – for example…

Vanguard, Credit Suisse, and RBC were behind an IPO in this industry that shot up 659% in under one year…

Deutsche Bank and UBS were behind the scenes of a 641% windfall…

And Goldman Sachs, Black Rock, and Morgan Stanley lined their pockets with a whopping 3,813% profit…

But the biggest gains are yet to come. As medical research in this area trucks on, this could become a $1 trillion global industry. Individual investors could become millionaires practically overnight.

I know the numbers are big, but the research backs it up.

What’s more, we’ve picked three stocks in this industry with the biggest upside potential.

Just click here to see for yourself…

Follow me on Twitter @DavidGZeiler and Money Morning on Twitter and Facebook.

 

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Source: Money Morning

3 Reasons Why Bitcoin Price Has Surged $700 This Week

Bitcoin has bounced back above the $10,000 level, gaining over $700 since Sunday. Here are three of the main drivers for why the dominant cryptocurrency is rallying right now.


Binance & Bitfinex Announce Bitcoin Derivatives

While Bitcoin started as a decentralized digital currency meant for peer-to-peer transactions, crypto exchanges reshaped the coin’s flow by handling most of the trading. Now they propose various approaches to get indirect exposure to BTC, especially through derivatives.

Yesterday, Binance announced the arrival of its new crypto futures trading platform. However, the company run by Changpeng Zhao (CZ) has more options. Binance will run two standalone testnet platforms until September 8. In the meantime, users will vote which of the two deserves to go live.

Elsewhere, Bitfinex users noticed that the crypto exchange had launched two derivative instruments with the tickers BTCF0/USDt0 and ETHF0/USDt0. The so-called “perpetual contracts” became available after a system upgrade during which Bitfinex was down for several hours. The derivatives allow users to trade with up to 100:1 leverage.

Both announcements might have had a significant impact on the Bitcoin price, as Binance and Bitfinex are among the most popular crypto exchanges out there. As at 12:16 UTC, Bitcoin is up 6% on the day, trading at around $10,416.

Whale Shakeout Completed

Besides the derivatives offered by Binance and Bitfinex, ICE-backed Bakkt is gradually launching the first Bitcoin futures trading platform with physical delivery.

In a previous post, we explained that one of the reasons behind Bitcoin’s bearish trend was the whales who were trying to put pressure on the price to buy cheaper ahead of the Bakkt launch.

Consequently, the Bitcoin price is driven at this time by the same whales who decided to reverse their stance. While it’s true that Bakkt doesn’t approve crypto deposits yet, the whales are forced to stop acting as bears as the community is positive about Binance and Bitfinex.

Tether Printing Another Batch of USDT

Bitcoin price might also be getting a boost from newly minted Tethers entering the market. On Monday, Twitter user Whale Alert reported that the company moved about $7 million worth of USDT from the Tether treasury to an unidentified wallet, and has minted a further $10 million today.

There is a strong correlation between USDT minting and the price of Bitcoin. Many analysts accept that the USDT market front runs the Bitcoin market, and plays an important role in propping up the leading cryptocurrency’s value. A boost in USDT supply suggests more liquidity and trading activity to come for the Bitcoin market.

Do you think Bitcoin has consolidated above the $10,000 level? Share your thoughts in the comments section!


Images via Shutterstock, Coinmarketcap, Twitter: @whale_alert

The post 3 Reasons Why Bitcoin Price Has Surged $700 This Week appeared first on Bitcoinist.com.

Source: Bitcoininst

Why Did Bitcoin Price Drop Below $10K and What Do We Look for Next?

Well, Bitcoin (BTC) decided to take the bearish path, or maybe larger players that shape the market made the choice for it. The ascension from the narrowing pennant proved to be a fakeout and a tweezer top at $10,278 was followed by a sharp reversal all the way to the bottom of the larger bull pennant that Bitcoin has traded in since topping out at $13,800 on June 26th.

The majority of popular crypto-Twitter traders fell mysteriously mute as the carnage unfolded on August 28. As mentioned previously, the danger of issuing price action absolutes rooted in hubris is that the unpredictably cruel hands of fate often bring down the self-assured faster than Icarus fell in his ill-planned mission to escape Crete.

As the day progressed, however, analysts began to piece together a narrative that explained how the bear break could have occured and some interesting theories surfaced.

A market maker makes a whale-sized trade

A $120 million buy wall on BitMEX stands out as an anomaly, (if those exist in the crypto market) that could have impacted today’s pullback but that is yet to be determined. One trader who goes by the moniker CryptoMonk suspects that the buy wall was “someone trying to unload some corn.” Or, in simpler terms, a large seller threw up a buy wall to maintain Bitcoin price while unloading from their own stack.

Another theory stipulates that the buy wall manipulates prices to meet a trader’s asks. At the end of the day the carnage resulted in a $144 million liquidation of longs on BitMEX and Bitcoin bulls had a little pep taken out of their step.

Whale Alert tracks $500 million in BTC transfers

There has also been an unusual number of large Bitcoin transfers taking place. On August 27 Whale Alert, a Twitter-based crypto transaction bot, flagged an 8,180 BTC ($82 million) transfer from one unknown wallet to another unknown wallet. This was the third massive transfer to take place over the past three days.

Just a day earlier 12,000 BTC ($124 million) was transferred and on August 24, 33,706 ($341 million) was transferred. While large crypto transactions are normal for the sector, half a billion dollars in Bitcoin over three days is notable. Further analysis of the transactions shows that these mega transfers are being consolidated within a single address…

Continue reading at COINTELEGRAPH.com