The Coinbase Whale, 25,000 BTC and the Bitcoin dump... What happened?

04 Jun, 2019
by Jelmer van der Dussen

Today the markets have brought the one thing that almost everyone expected but no one really wanted, and that was a fairly major BTC correction. The worst of the dump occurred last night at approximately 11 PM UTC, when Bitcoin slipped almost 9% in the space of an hour, down from $8480 at to a low of $7748 - a low not seen in 12 days.

Questions pertaining to the possibility of market manipulation were raised. And while a correction was expected, there was something fishy about this dump…

Interestingly one Bitcoin whale transaction stood out; occurring yesterday the transfer saw a total of 25160 BTC - a USD equivalent of approximately $213 million at the time of the transfer – moved from an unknown wallet to Coinbase. So was this a case of market manipulation? What’s next for Bitcoin?

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