Trusted

Bitcoin Whales on the Move: $414M in BTC Transferred for Mere $0.68 Fee

2 mins
Updated by Gerelyn Terzo
Join our Trading Community on Telegram
Whales are moving their funds again on the Bitcoin network. A whopping 47,452 BTC ($414 million) was just withdrawn from Bittrex for a measly fee of $0.68.
Major sums of money are being moved around yet again on the Bitcoin (BTC) network, showcasing just how cheap it is to transfer BTC.

Large Transfers for Small Fees

As Whale Alert recorded earlier today, 47,452 BTC ($414M) was just withdrawn from Bittrex. The fresh recipient address quickly moved the funds to another address. The total fee for the withdrawal was a small fee of just $0.68, which has become the ‘new normal’ on Bitcoin’s network. Whale BTC Bitcoin
[jnews_block_28 second_title=”Featured Stories” header_type=”heading_5″ number_post=”4″ boxed=”true” show_border=”true”]
It seems that SegWit is working to reduce fees. As BeInCrypto reported, Bitcoin opened this year with a new all-time high in SegWit adoption. Now, at least half of all transactions are done with the help of SegWit, which has reduced fees significantly. The drop has been so drastic that Bitcoin’s average fees are around $0.50 today as opposed to the $20 fees we saw in December 2017. Sending transactions with Bitcoin has gotten cheaper while demand for the leading cryptocurrency has stayed the same, according to on-chain metrics. The drop in Bitcoin’s fees has surprised some of its critics. Roger Ver, for example, recently said that Bitcoin is “unfairly cheap” and that this will disincentivize the mining network. This is a stunning reversal of his previous criticism of Bitcoin, claiming it was “too expensive.” It seems nothing will satisfy the naysayers.

Bitcoin Tumbles Amid Market Uncertainty

Although we can hope that the whale withdrawing $414M worth of BTC from Bittrex plans to HODL, the rest of the market has been unexpectedly bearish. According to analysis done by BeInCrypto, the next support level for Bitcoin is at $8,350. Currently, BTC is trading at around the $8,825 price level. Although previously support, the $9,500 price point has now become resistance and the leading cryptocurrency needs to break through it to regain its bullish momentum. Coronavirus fears have been blamed for the losses and have also affected the global economy at large. Stocks across the board plunged this week amid uncertainty over the possible pandemic. It remains to be seen how Bitcoin will perform in light of these anxieties.
Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Anton_circle.jpg
Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
READ FULL BIO
Sponsored
Sponsored