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15 January 2020 02:32

Bitcoin Cryptocurrency exchange Floyd Mayweather

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User moves $ 4 billion in bitcoin and pays only $ 340 in fee

Bitcoin set the stage for an impressive price increase throughout the whole market with a positive run to over $8,800 at one point. Amid all this, the popular transaction monitoring resource, Whale Alert, detected a $1 billion transaction carried out with BTC. The largest crypto was trading at around $8,100 before it skyrocketed to $8,850 on Bitstamp in just several hours. Even though it has slightly retraced since then and it's currently trading at about $8,700, it's still a 7.5% increase in a day. Moreover, a specific user has found a massive transaction of 124946.622 BTC, which represents 0.7% of all bitcoins that have been mined so far.

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To put things into a fiat perspective, with Bitcoin's price of $8,700 at the moment, this means that the total value of the transaction exceeds $1.08 billion. The user also says that it originated from a Bitfinex cold storage address, but the recipient is still unknown. Interestingly enough, the large amount was transferred from one address to another for a fee of just 0.00964, which is $84 at the time of this writing. As it generally happens, Bitcoin's price surge didn't stay unnoticed by the rest of the market. Arguably the most significant gainer is Bitcoin SV, which at one point was over 100% up and reached a new all-time high of $413.

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Bitcoin Cash and most privacy coins also noted similar impressive gains. As a result, the whole market capitalization increased by almost 10% today from $216 B to upwards of $237. It's still unclear if this transaction of $1 billion worth of bitcoin is the real reason behind today's price surge. Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter. A transaction on Tuesday (14) moved more than $4 billion in bitcoin and paid a fee of only $340.

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The transfer took place at block 612828 and had 124,946,62234074 BTC sent. Even with the high amount transferred, the network fee was only 0.00964229 BTC, equivalent to $340. The fee represents only 0.0000085% of the amount traded. The traded Bitcoins came from many different addresses, which increased the network rate. What is known so far is that the address originating from the transaction was from Bitfinex, one of the largest exchanges in the world.

Transaction involving over 120,000 bitcoins According to Bitinfocharts, Bitfinex owns the second richest address in the world, second only to Huobi, a Chinese exchange with an address containing 255,505 BTC, or nearly $10 billion. In November 2019, a transaction involving more than R $1.5 billion in bitcoin was carried out paying only R $1.70 in fee. In October, another billion dollar bitcoin transfer was also made. The responsible for the submission was the Bitstamp cryptocurrency exchange. The transaction, which took place in block 599361, involved more than 112 thousand bitcoins, equivalent to almost R $4 billion and the network rate was only 0.00046743 BTC, around R $16 reais. In May of this year, Binance made two major fund movements in BTC which together sent $5 billion and resulted in a fee of only $500. The first transaction of 77,410 BTC (approximately $2.7 billion at the time), was paid only $78 in fee. The second transaction was 68,570 BTC (approximately $2.4 billion) and had a fee of $430. In June 2018, when Bitcoin was priced at $25,000, a user made a transfer of 48,500 BTC and paid only 0.00000675 BTC fee, equivalent to $0.16. At the time, this transaction spread across the market because the rate was so low to transfer such a large amount of money.