Many Bitcoin Gold investors were shocked nowadays from the news that someone just moved approximately 664,000 of the cryptocurrency which were untouched since the blockchain forked away from Bitcoin as the main cryptocurrency.
This Tuesday, around 664,000 BTG were moved which made the largest single-day increase for the cryptocurrency since its launch (the split) in November 2017. The fork occurred on October 25th – however, the developers were mining the blockchain for several weeks before launching the BTG network in mid-November. Ever since then, all Bitcoin holders received an equivalent amounts of Bitcoin Gold on the new chain.
Now, most of those amounts were moved, exchanged and converted in the first several weeks after the network’s launch. However, recent news say that 664,000 BTG were not moved and no one knows who or how managed to move them right now.
https://www.twitter.com/khannib/status/966251408977743872
At this point, if these Bitcoin Gold coins are moved, we will likely see a big drop of the cryptocurrency. Since they are a lot, the Bitcoin Gold price will be certainly affected. Meanwhile, BTG has been suffering from the market correction recently and plunging as low as $74 this February.
Currently, Bitcoin Gold is trading at more than $127 with a $2.2 billion market cap and is twentieth on the list of largest cryptocurrencies. Currently, the 664,000 Bitcoin Gold coins are equivalent to around $84.3 million.
According to CoinMarketCap, the daily trading volume of Bitcoin Gold is just $40 million which will certainly make it difficult to unload the thousands of coins without causing the market (and the cryptocurrency) to crush. As we all know, the fact that these coins were moved could cause some traders to sell off their Bitcoin Gold amounts which will affect the price and value the cryptocurrency much lower than it currently is.
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