Bitcoin Tests $10k As Mysterious Crypto-Trader Dip-Buys $400 Million

Cryptocurrency prices are surging again this morning with Bitcoin testing $10,000 for the first time in over two weeks.

On the week, Bitcoin is up around 15% but Litecoin is leading the run...

While Bitcoin remain down 30% year-date, it appears that amid the recent cataclysmic collapse of Bitcoin, the cryptocurrency hammered out a low earlier this month, as dip buyers scooped up coins below $6,000.

Nearly eight days from the low, the auction has soared by more than 50 percent probing a 20 simple moving average at 9,162.

We now have an idea who one of those dip buyers were and the amount they purchased…

According to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18. In total, this Bitcoin whale doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth somewhere around $900,000,000 at today’s price ($9,400).

 

Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 is number three on the top 100 richest Bitcoin address in the world.

The table from BitInfoCharts reveals the centralization of Bitcoin wealth. 

Last night, we reported how South Korea officials downplayed the threats of a ban, which has sent Bitcoin well over +11 percent since to 9,400-handle.

The catalyst for the leg higher appears to be South Korea once again as regulators downplayed any threats of a ban.

As Bloomberg reports, South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets.

Policy makers will focus on making cryptocurrency trading transparent rather than outlawing it altogether, Hong Nam-ki, minister of the Office for Government Policy Coordination, said in a video a posted on the presidential website. It was the government’s first coordinated response to the public uproar over a justice ministry proposal in December to shut digital-asset exchanges.

But as we have noted previously, this rebound is very much the norm, seasonally as China’s lunar new year approaches…

Comments

Bastiat pods Thu, 02/15/2018 - 11:45 Permalink

Banksters?  You can't help but notice that safe harbor seekers are being herded into cryptos through the suppression of PMs.  Banksters hate PMs because they can't control supply, and they lie about their holdings.  Today we see the USD down  .30%, silver down over 1%, gold slightly down.  The metals should be up vs the USD down, if nothing else was going on.  However with all the inflation signals they should be up substantially.  But that's not what happens.  "Someone" buys $400M of Bitcoin and gooses it instead.  Bitcoin, the Stormy Daniels of currencies.

In reply to by pods

Boing_Snap Conax Thu, 02/15/2018 - 14:08 Permalink

The deflationary roach motel of cryptos has more guests to entertain, put your cash in and watch it vaporize folks. Even better yet put yourself into debt and put your debt cash in, we love generating debt slaves.

The bankster already control the miners and exchanges, they also hold the majority of the coins, that means they control the entire market for cryptos.

Research the Digital Currency Group, if you can, it seems their web presence is going darker.

Don't forget that the exchanges are just theft centres, because that's where the cash hits the banking system and you.

https://www.ccn.com/austrian-bitcoin-scam-10000-victims-lose-12000-btc-…

In reply to by Conax

Antifaschistische pods Thu, 02/15/2018 - 14:23 Permalink

whoever is big enough to drop $400 mill is big enough to continue to pay for Bitcoin promotional advertisements, woops, i mean articles on ZH.   And also shovel a mill or so to Max Kaiser to keep him ranting about the future of the world with no central bank currencies.

In reply to by pods

Honest Sam FakeNewsBandit Thu, 02/15/2018 - 13:36 Permalink

First they said that about AAPL

Then they came for M/Soft

Then they came for AMZN

Then they came for Facebook

And now who will come for BTC?

IF you want big gains, and paltry 15% py isn't enough to soothe your dragon, you have put it all in one basket and then watch that basket like my puppy stares salivating at his treats.

IT may not make sense, but anyone who has been trading these last 10 years using Sense, is out millions and some,  billions of Dollars.

 

In reply to by FakeNewsBandit

Just a Bucket Spaced Out Thu, 02/15/2018 - 16:38 Permalink

Because bitcoin needs to be purchased through an exchange or an online wallet.  When you trade cryptocurrency on an exchange, you are just trading IOUs within the confines of that exchange, and these trades are not recorded on the blockchain, and thus not associated with an public key (address) on the blockchain. However, exchanges do have addresses on the blockchain and when someone makes a big purchase on an exchange, the exchange will make and record that purchase by proxy in their own wallet.  Then, most likely the purchaser will move the funds to their own private wallet— this will show up as a transaction on the blockchain...  

In reply to by Spaced Out