Cryptocurrency trading is a whirlwind of uncertainty in which wealth can disappear or multiply instantly. A recent example is an anonymous investor, often referred to in digital circles as a “whale,” who quickly amassed $3 million in just four days through Bitcoin. [BTC] trade. Their actions offer a glimpse into the rollercoaster ride of investing in digital assets.
Four days ago, this particular whale saw an opportunity at the bottom of the market, buying a hefty amount of BTC. With a keen eye for market trends, they deposited an impressive 767 BTC, with a total amount of no less than $48.46 million, on the renowned exchange Binance. What the spectators didn't know was that this was just the opening game of a high-stakes trading wave.
With impeccable timing, the investor quickly withdrew the same 767 BTC from Binance just eight hours later, taking advantage of a brief surge in Bitcoin's value. However, the plot thickened when the market took an unexpected turn, leading to a drop in Bitcoin's value. Undeterred by the turbulence, the trader made another smart move, withdrawing the 767 BTC from Coinbase on May 3 at a rate of $59,226 per BTC.
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The address associated with these transactions, 1PGncMc8diiELpe4JAVCY51fcQ215JegAF, has become emblematic of the quick and calculated maneuvers of cryptocurrency whales. Although their identity remains hidden, their influence on the market is undeniable.
How is Bitcoin currently doing?
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Bitcoin underwent a correction and struggled to maintain its position above the $62,000 mark. This caused a further increase liquidations in the broader cryptocurrency market. Bitcoin's long liquidations alone exceeded $30 million in the last 24 hours.
The dominance of long positions among these liquidations, with approximately $121 million attributed to such positions. At the time of writing, BTC is trading around $62,381, with a daily decline of 2.14%.