Bitcoin Stolen in 2016 $72 Million Bitfinex Hack Moving

Some of the stolen BTC during the $72 million hack of crypto exchange Bitfinex in 2016 has been just moved.

Whale Alert that tracks large movements of top cryptocurrencies reported that 28.3 BTC worth more than $255k has been moved to an unknown wallet.

Four years back, Bitfinex lost 120,000 BTC worth $72 million, when the price of bitcoin was about $600. Today, with each BTC at $9,160, this stash is now worth more than $1 billion.

This isn’t the first time that these hackers are moving their funds. Back in June, last year about 185 BTC were transferred to unknown addresses, at that time BTC price was up over 60% YTD at around $10,000. Then in August, 30 BTC were also moved.

Now, just as happens with large transfers, the crypto community fears the worst.

One twitter user said, “If btc does not crash to sub 4k in 1 month, I’ll delete my twitter.”

Large amounts of Bitcoin on the move surely affects the price as happened on May 10. The BTC price fell about 16% that day after a large deposit took place on Gemini; but that deposit was “abnormally” large at 2,500 BTC unlike just over 28 BTC.

Such kind of big deposits result in heightened activity on the exchange where they were made but also triggers market sell on other exchanges as well. This causes a significant increase in trade volume across all exchanges, resulting in a drop in Bitcoin’s price.

However, at times, relatively small and few orders can also have a significant impact on liquidity across many major exchanges.

Just this week, there was speculation led sell-off that resulted in a brief decline of about 7% in BTC price.

It was after Whale Alert reported that 50 Bitcoin had been moved from a wallet dormant since February 2009. Whale Alert suggested it might have been bitcoin’s pseudo-anonymous creator Satoshi Nakamoto who moved the coins, triggering the panic among the market, but as we reported it was very unlikely.

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Author: AnTy

Bitcoin is Up 1500% Since Last BTC Block Reward Mining Halving

Bitcoin is officially up 1523.11% from its last halving event in 2016, as pointed out by user @cryptowat_ch on Twitter. After the last halvening took place, the coin rallied to a new high of $750 the same year, and some analysts believe that this year’s halving event, which is due to occur May 11, will hold a similar promise of a new all-time high.

Analysts are presently debating whether bitcoin’s halving event is “priced in” to the current market action or that we will see a parabolic rally as we did in 2017 when bitcoin reached its all-time high of $20,000.

In either case, halving events reduce the supply of the bitcoin in circulation while demand is assumed to be the same, which is theorized to be the one of the causes of the coin’s sharp ascent.

Bitcoin seems to be on track to deliver a new record as it gained 5.4 percent in the last 24 hours and 36.8 percent month to date. Over the last year, the coin has gained a huge 70.1 percent.

Over the last 24 hours, the coin made a new one-month high of $9,956 and is now looking to breach the $10,000 psychological mark. This level would also be a 38.2 percent retracement from bitcoin’s 52 week high, which means it could face additional resistance on the way up.

Bitcoin’s previous resistance at $9,000, which buyers originally struggled to conquer, has been tested several times which is a sign of strength for the cryptocurrency. The new support levels for the coin are at $9658 and $9453.

At the time of writing bitcoin is in overbought territory according to the RSI. This means it’s possible that the coin will face a pullback before trading horizontally for a while so that buyers can catch their breath before climbing higher.

Now, in approximately four to five days from time of bitcoin price news watch regarding the 2016 halving, which took place on July 9, 2016, the third BTC block reward halving is set to take place. This will be number three in what will be roughly thirty-three different halvings set to take place from Bitcoin’s storied journey from 2009 to roughly 2140.

The next time this bitcoin halving will take place will not be until the year 2024. As it stands now, over 87% of all the coins have been mined in the past 11 years, which means only 12% of all bitcoin will be issued in the next 120 years. As the world begins to go through unlimited quantitative easing, bitcoin is effectively going through quantitative hardening, furthering its digital scarcity narrative that could be the catalyst to send bitcoin and its digital gold hopes skyrocketing as institutional demand picks up and retail investors start to allocate money into alternative asset classes such as cryptoassets.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Matthew North