Money for Nothing and your Bitcoin for Free

On June 3rd, the price of Bitcoin (BTC) dropped from $8,451 to $7,886 in ninety minutes, a drop of 7%. Thanks to the intrepid Redditor u/makoveli, we know precisely why this drop took place.

As it turns out, a single individual (or perhaps a consortium trading as a unit) was responsible. This ‘whale’ moved 25,000 BTC to Coinbase. About a half hour later, they moved 14,000 of those Bitcoins to another wallet, followed forty minutes later by another transfer of 11,000 BTC from Coinbase to yet another wallet.

Then a mere fifteen minutes after that, our friendly whale moved ten million Tether (USDT) from one wallet to another.

As u/makoveli concludes, “someone dumped 25k BTC for $215M and bought it back shortly after for $200M. In doing so, they pocketed $15M and walked away with the same amount of BTC as they started with.”

Read the entire article at https://dailyiconews.com/crypto-skepticism-of-the-week/money-for-nothing-and-your-bitcoin-for-free/jason-bloomberg/2019/06/07/.

Jason Bloomberg neither owns, nor plans to own, any cryptocurrency or other cryptotoken, either long or short.

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