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Mysterious Trader buys Bitcoin worth $400 million

Feb 18, 2018 Posted /  3025 Views

Mysterious Trader buys Bitcoin worth $400 million

Recently, Bitcoin went through a month-long slump, when at one point it lost almost two-thirds of its value and declined to as low as $6,000. However, the market is rebounding and many investors are finding their hopes back. After-all Bitcoin has proved many times that it is not a bubble, as critics would always maintain.

Nonetheless, one mysterious investor has bought some $400 million of the leading virtual currency- Bitcoin and the purchases have come in the time when the currency was bouncing back from $6,000 to $10,000. The analysts are eyeing for a stable period and as of now the currency values at $10,728 (at the time of writing).

Not just bitcoin, but major cryptocurrencies went through a great slump in this period as they lost as much as 50 percent of their value. There were growing talks for regulations during the last few months and the hacks at some major exchanges in the world further crippled the market. Nonetheless, the scenario has turned now and the price of bitcoin along with major currencies are witnessing a push.

“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia,” Alex Sunnarborg, Founding Partner of Tetras Capital commented after the news for anonymous purchase of bitcoin was disclosed.

The only thing that is gathered as of now is the bitcoin address of the million dollar trader, which is 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 and the anonymous bought the virtual currency between Feb. 9 and Feb. 12. As per the figures from his address- his bitcoin balance has flown from 55,000 coins to more than 96,000.

Many bitcoin enthusiasts during the tough times of Bitcoin were asking the others to "Buy the dips" and it went on to become kind of slogan from them. The lovers also insisted that bitcoin investors should "HODL" and not sway with the bearish cycles. It is apparent that this unidentified trader had confided into Bitcoins and his recent act has blasted all over the social media.

Now the Bulls are coming back as they had predicted that $6,000 would be the last dip after which the prices would definitely rebind back. these predictors are now nodding with affirmation.

“In the meantime, the $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories,” said Jeff Koyen, president of 360 Blockchain USA.

“However, I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” he said.

Now as the price of bitcoin is back to $10,000, the owner of the address is closing is now the official member of bitcoin billionaires club.

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Tags: bitcoin Bubble virtual currency Cryptocurrencies

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