Binance buys the dip adding over 43K Bitcoin to wallet

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The popular cryptocurrency exchange Binance has added over 43,000 Bitcoin worth of coins to their already massive wallet and market capitalization. This move could help the price recover from a recent dip in value as traders believe this is another sign that people are beginning to trust crypto exchanges again.

The world’s second-largest cryptocurrency exchange, Binance, has reportedly added over 43K BTC to its wallet. For the last few days of 2018 and into 2019, Bitcoin dropped in price by about 12 percent. The drop was a result of China cracking down on cryptocurrencies this week and investors moving their funds out of the market altogether., but with such a significant addition from Binance it appears that there is still demand for crypto assets despite these challenges.

The “whale alert” is a term used to describe someone who has a large amount of cryptocurrency in their portfolio. The Binance exchange bought the dip adding over 43K Bitcoin to their wallet.

Binance buys the dip adding over 43K Bitcoin to wallet

Binance buys the dip adding over 43K Bitcoin to wallet

 

During the downturn, bitcoin millionaires continue to amass. Bitcoin whales were busily stacking sats this morning as Bitcoin (BTC) filled the $42,000 December price wick.

On Tuesday, one of Binance’s addresses added 43,000 BTC at an average price of $46,553.68, increasing the total value of the wallet to $5.5 billion.

In other news, the third-largest Bitcoin address has added another 551 BTC since Cointelegraph last reported it buying the drop two days ago. The wallet continues to rapidly acquire around the $40 thousand area, with 121,396 BTC (approximately $5 billion) already in its possession.

The wallet owner behind the $43,000 BTC purchase caused some concern on social media sites, however Binance verified ownership of the address in a tweet put out January 2019.

The reserve address for $BTCB is 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb.

We’ve just set aside 9001 BTC and issued 9001 BTCB. https://t.co/344lxlqsMa

In a day or two, a trading pair for BTCB/BTC will be available on #Binance.com, and we’ll make a proposal on @Binance DEX.

June 17, 2019 — Binance (@binance)

Bitcoin Twitter becomes gloomy, and the community reacts

The business planned to employ wallet address “3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb” to issue a series of crypto-pegged tokens on Binance Chain, beginning with BTCB, a BEP2 token pegged to BTC.

However, for the world’s biggest cryptocurrency exchange, the wallet looks to have developed into a cold storage wallet. The wallet was once again tagged as the Binance BTC reserve wallet address in a tweet by expert blockchain watcher @whale alert in April of last year.

Despite the fact that the wallet was used to mint 13,001 BTC into the Binance Smart Chain, the wallet’s owner has never sold a single Satoshi. It has amassed a total of 116,601.13647202 BTC since June 17, 2019.

The wallet is now valued at $4,982,770,577, or little under $5 billion at the time of writing. Diamond hands, to be sure.

Watch This Video-

The “bitcoin whale chart” is a graph that shows the price history of Bitcoin. It can be used to find out how much Bitcoin has been added to the Binance wallet.

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Emilia James
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