Larry Cermak, a research director, and analyst tweeted about a massive movement of 142323 BTC yesterday. The fund transfer links to unknown users, possibly from XAPO, a Hong Kong-based crypto wallet and COINBASE, a digital currency exchange and amount to $1.3 billion, almost 0.8% of the total bitcoin in circulation.
The extreme fall in the value of bitcoin from $13,000 to $9,500 is giving the currency a strenuous time. The range of its value is quite uncertain at the moment, but the cryptocurrency market stands erect still. A handful number of big industries are investing in the digital currency world.
Bitcoin is on a global political platform. The U.S. considers it to be a security threat, and Donald Trump recently bashed the digital currency. India has claimed to ban the private cryptocurrencies, and China looks forward to creating one of its own.
Although none of the companies have confirmed the transaction, it seems to have occurred before Coinbase made an acquisition settling Bitcoin custody of Xapo. The Xapo custody holds around 700,000 Bitcoin equivalent to $6.6 billion. In accordance with the reports, Coinbase would pay 50 million for the venture.
The cryptocurrency sector is swaying front and back due to the variant changes in its values, the scams accompanying the transactions and contradicting views of the economy.
