Cookie Consent

By continuing to browse or by clicking ‘Accept’, you agree to the storing of cookies on your device to enhance your site experience and for analytical purposes. Read Our Privacy Policy

Bitcoin Whale Moves Large Transaction

Bitcoin Whale Moves Large Transaction

CryptoCurrency Trading Idea

28th October 20202:35 pm

● Bitcoin Whale Moves Large Transaction; JPMorgan Finally Admittedly Bullish on Bitcoin
● Brexit Deal at The 11th Hour
● Concerns Mount about the Euro Heading into Meeting

As always, thanks for joining us for this week’s edition of Overbit News, where we take a look at developing headlines across the world of finance. We’ll kick off today’s article with a look at the world’s first truly global asset – Bitcoin.

It seems lately has been the season for record-breaking in the cryptocurrency world, with Bitcoin hovering above $10,000 for the longest time in its existence, as well as record-setting volumes pouring into decentralised exchanges. In yet another cryptocurrency record broken, CoinTelegraph reported that one Bitcoin ‘whale’ sent a transaction worth more than $1 billion – the largest ever.

This transaction moved 88,857 BTC, with a nominal fee of 0.00027847 BTC, just over $3.50 at time of publication. In terms of Bitcoin transferred, this transaction falls behind some of the larger, earlier transactions, such as Bitfinex moving 161,000 BTC in April, and Mt. Gox sending over 550,000 BTC on November 16, 2011. As we said, though, this most recent transaction is a record-setter in terms of fiat value at the time of transfer.

Though it’s impossible to say why the person or persons is transferring this amount of Bitcoins, it’s impossible to ignore the proximity to the recent report obtained from JP Morgan. According to top analysts at one of the world’s largest banks, they wrote that “that bitcoin has “considerable” price upside in the long term. These analysts went on to say in more specific terms: “Even a modest crowding out of gold as an alternative currency over the longer term would imply doubling or tripling of the bitcoin price from here”. As has been the trend for months now, things are definitely heating up in the cryptocurrency world.

Moving onto traditional markets, we start off in London. According to a recent report by Reuters, the EU Chief Negotiator has extended his stay in London through the weekend up until Wednesday, 26 October. The EU negotiating team was set to depart on Sunday, but apparently ‘cautious optimism’ has kept both sides at the table. This optimism is strengthened by last week’s report by Reuters, one in which they reported that France was “preparing its fishing industry for a smaller catch after Brexit” – one the most contentious issues in the entire Brexit negotiation. Either way, this deal is at the 11th hour, and it’s make-or-break time for either side.

Despite this optimism, the EU has its own set of problems to deal with on their side of the pond. This Thursday, 29th October, the EU Central Bank’s Governing Council is set to convene. Although no monetary policy will be changed at this meeting, many believe this is where the president of the ECB, Christine Lagarde is set to prepare the markets for further stimulus across the European Union. Many investors, including Barclays Bank, have said that the ECB “cannot ignore” the Euro on Thursday, given the effect that future stimulus will have on the currency. Aside from short-term concerns, there are growing worries about the stability of the EuroZone as a whole, with fast-increasing debt in countries like Spain and Italy. On a macro view, it seems these next few weeks to close out the year will be critical in how the Euro and the EU plays out as a whole.

To close things out, we can see that the market continues to teeter between the old-financial world (Central Banks), and the new world (distributed ledgers), with both sides looking to “land grab” during the fiscal crises following COVID-19. Ardent supporters of central banks, and their policies, will continue to look to Brussels, DC, London, and other central banking headquarters for re-assurances of economic bailouts.

Moreover, the “new world” is looking internally to see if Bitcoin, and crypto, can save us all from this fiscal calamity. This tug of war between these two factions will continue for many years to come until hitting the apex of the hybrid-world of central banks and decentralized ledgers.

At Overbit.com, we always cover the entire purview of the markers, both new and old, and seek to build tools that will empower traders to their fullest potential.

 

Our publications do not offer investment advice and nothing in them should be construed as investment advice.  Our publications provide information and education for investors who can make their investment decisions without advice.

The information contained in our publications is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any positions.  Our publications are not, and should not be seen as, a recommendation to use any particular investment strategy.

Risk Warning: Margin Trading carries a high level of risk to your capital and you should only trade with money you can afford to lose. Margin Trading may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.

SHARE IT WITH
THE AUTHOR
Junice
Junice