An anonymous investor has bought $344 million worth of bitcoin, putting a grand total of 96,650 bitcoins in a virtual wallet.
Alex Sunnarborg, a founding partner of the hedge fund, Tetras Capital, declared that the said investor is part of a group that have invested in virtual currencies even during a time of unstable and oftentimes, falling prices.
“Not sure who that big buyer was, but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia,” Sunnarborg was quoted as saying in a report that was published in the Express.
The purchase was done between February 9 and February 12 and was given the Bitcoin address of “3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64”.
When the address is entered into a blockchain, a ledger for cryptocurrency transactions, it stated that the investor’s final balance after the remarkable purchase was 96,650 bitcoin. The owner of the bitcoin address has remained anonymous to this very day.
Andy Hoffman, the operator of a cryptocurrency consultation firm, had this to say:
“Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 (£5980.55) from 2/09/18 through 02/12/18 - then, doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth around $900,000,000 at today’s price ($9,400).”
Bitcoin has made a slight recovery in the last week from a devastating period of falling prices.
As of this writing, the popular cryptocurrency is valued at $10,590.01 with $1,884.96 added to the virtual currency’s price in the last week.
The improved market situation signifies a rise of 21.68%.
In December of 2017, Bitcoin reached an all-time high of $19,535.70 on December 17 before starting its sharp decline.
A brief resurgence of the cryptocurrency happened on January 6 when the value hit $17,035.60 before again going into free fall.
Four out of five January’s between 2013 and 2017 saw a decline in Bitcoin prices.
Meanwhile, Bitcoin Cash, Ethereum and Litecoin have all seen price drops in the last 24 hours.
According to resource, CoinMarketCap, Bitcoin Cash is currently worth $1,495.15 which marks a drop of 2.08%.
Ethereum saw a small drop of 0.95% that took its current value down to $930.57.
Litecoin also fell by 1.77% in the last 24 hours – the cryptocurrency is now worth $216.55.
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