Bitcoin, the world’s largest digital currency, saw a volatile weekend as the price of BTC dipped nearly 15%. Bitcoin whales are on the move as a crypto user transferred 5,000 BTC to an unknown wallet on 18 April.
According to the latest data published by Whale Alert, a user moved $280 million worth of Bitcoin yesterday at 16:13 UTC. The mentioned transaction was recorded on blockchair.com. BTC touched an all-time high of nearly $64,800 on 14 April.
Despite the recent dip, the demand for the world’s most valuable cryptocurrency is on the rise. Crypto research and analytics firm, Bloqport mentioned that Purpose ETF expanded its portfolio with 670 BTC in the last week. The investment management firm now has a total of 17,493 Bitcoin worth more than $1 billion.
BTC price saw a dip over the weekend as the digital currency dropped from $63,000 to as low as $53,000 within 48 hours. As of writing, Bitcoin is trading near $56,500 with a market cap of more than $1 trillion. BTC’s $1 trillion market cap acted as strong support for the cryptocurrency in the last few weeks.
Earlier it was reported about massive Bitcoin outflows from the digital exchange, Coinbase. BTC whales are moving their cryptocurrency assets from exchanges to digital wallets. Whale Alert reported another transaction yesterday involving 3,475 BTC worth over $190 million from the crypto exchange, Bitfinex to Binance. Bitcoin transactions at leading digital exchanges saw a surge during the latest price volatility. BTC’s institutional adoption took a major jump during the last few months with acceptance from leading financial companies, including Visa and PayPal. Additionally, Tesla started accepting Bitcoin as a payment method earlier this year. Swiss insurance company AXA became the latest financial firm to accept BTC after the company announced that the private customers of AXA Switzerland can now pay bills through the world’s largest cryptocurrency.
The overall market cap of cryptocurrencies currently stands at around $2.08 trillion.