Bitcoin Whales Move 12,598 BTC as Cryptocurrency Hits $40,000

Unidentified Bitcoin users moved 12,598 BTC in three different transactions after the price of Bitcoin reached $40,000. The world’s largest cryptocurrency gained more than 5% in the last 24 hours to reregister an all-time high of $40,100.

According to the latest data provided by Whale Alert, a blockchain tracker and crypto analytics system, anonymous Bitcoin whales have increased their transfer activities significantly since the start of 2021. An unknown Bitcoin user transferred 4,892 Bitcoin when the BTC price touched $40,000, followed by transactions of 4,306 BTC and 3,400 BTC.

A total of 12,598 Bitcoin, worth nearly $500 million were transferred within the period of 12 hours, all transactions were executed from unknown wallets. Finance Magnates earlier reported a significant move by an unknown wallet, when a Bitcoin holder transferred 9,156 BTC in a single transaction just before the recent 10% crash in BTC price.

Regulatory authorities around the world have increased their efforts to identify the owners of unidentified transactions. The US Treasury recently proposed a regulatory framework for cryptocurrency exchanges to verify the identity of crypto wallet owners when a transaction exceeds $3,000.

Bitcoin Price Rise

The price of Bitcoin has seen one of the longest bullish rallies in its history as the world’s largest cryptocurrency jumped from $20,000 to $40,000 within a few weeks. Bitcoin is currently trading near $39,000 with a total market cap of $720 billion. The total market cap of cryptocurrencies reached $1 trillion this week and currently stands at around $1.04 trillion. BTC dominance crossed 70% and the world’s most valuable asset is planning to register another record high in the coming days.

Ethereum is the second most valuable crypto asset as the price of ETH jumped above $1,200. Ethereum currently has a market cap of nearly $140 billion, followed by Tether at $23 billion and XRP at $14 billion. Whale Alert also reported a significant Ethereum transaction today when an anonymous user transferred 56,330 ETH worth nearly 65 million from an unknown wallet to cryptocurrency exchange Binance.

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