A massive Bitcoin whale transaction has been making headlines in the latest cryptocurrency news as the investors and investigators are both speculating from where the BTC came and was withdrawn.
The wallet shows that 94,505 Bitcoin was moved on September 5. What’s interesting is that the same wallet has previously been involved in only seven transactions including the massive Bitcoin whale transaction and move. The previous moves are not big and include a $6,444 deposit early on September 6 and deposit of $6.66 a few hours after that.
Many best cryptocurrency news sites as well as the blockchain analysis firm TokenAnalyst noticed that many of the transactions came from Huobi wallets. “Our team is looking into the validity of the claim,” said an official Huobi spokesperson.
The massive Bitcoin whale transaction changed Bitcoin’s price from $10,569 to $10,790 and follows what is a similarly mysterious $780 million BTC move which took place last week. Many suggested that this move was actually a deposit into the new Bakkt Warehouse producr or liquidated funds from the PlusToken Ponzi scheme. TokenAnalysr even created a chart illustrating the move.
$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? 🤔
— TokenAnalyst (@thetokenanalyst) September 6, 2019
Meanwhile, the latest Bitcoin and coming altcoin news show that the market lost a couple of billions overnight and is in sideways trading after days of growth and stability. Bitcoin, for instance, managed to lose 3% and is now trading at $10,399 with a $186 billion market cap and a dominance of 70.9% which is a high number. This shows that the massive Bitcoin whale transaction did not affect BTC that much.
Ethereum (ETH) is second on the list and trading at $170 flat, after dropping less than 3% overnight. The daily trading volume for ETH is at around $7 billion, making up a significant deal of the total daily volume. Ripple’s XRP token also lost 2% and is at $0.25 – a price level which is known on the markets.
Meanwhile, Litecoin (LTC), Binance Coin (BNB), EOS (EOS), Bitcoin Cash (BCH) and Bitcoin SV (BSV) are all in sideways trading, having lost 1% to 3% overnight. The market is in a downfall and the total cryptocurrency market cap is at $262 billion, showing signs of lost momentum. No one knows if the losses will extend or a new bullish run will come and erase them.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
Second EOS ICO Has Raised $2.8 Million Worth Of DApps So Far
“They’ve done an interesting job and [have been] innovative in learning from the best cryptocurrency news sites.LiquidApps has declined to provide any comments on the results of its token sale so far, even though there is ongoing pressure for comment. For those of you who don't know, the LiquidApps is a solution that is meant to take the pressure off the EOS blockchain and its RAM system, which has gotten bogged down as the computing resources have proven to be the scarce asset on the fourth largest blockchain by market cap. Still, this effort seems to be garnering comparably little fanfare. Six months into the EOS sale, the startup behind the second EOS ICO named Block.One had raised $700 million, as a sale and mechanics in crafting how a fundraise for a project should be done. Where they’ve struggled is, not just different market conditions, but finding the right investors and participants for their sale that fully understand the value proposition for the project,” a source with knowledge of the LiquidApps fundraise told many 2017 report by the Wall Street Journal shows.
Berkeley City Council Member The First To Buy Cannabis With Cryptocurrency
‘’By providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses. The Green Rush is a 21st-century industry; it deserves 21st-century legislation. Tax collections leveraging stablecoin technology will help bring this new industry into the light.’’According to the US Federal Statutes, cannabis is still illegal despite the many attempts to make it legal for recreational use in states like California. The business is still cash-based and there is almost zero banking support. The federal banks in the United States have been known to close down the accounts of many marijuana investors. The nature of the industry that is cash-based causes serious problems when considering the sales and city tax payments. The state tax officials tend to spend some more money and their time to accept payments in large fiat deposits. For the co-founder of cred, Dan Schatt, cryptocurrencies can provide solutions for these problems:
‘’Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.’’Cannabis is still a very taboo subject and so are the cryptocurrency payments and systems but it still seems like crypto is the perfect transactional tool for the industry. Berkeley’s Blockchain department’s Liam DiGregoria commented on the efforts that Bartlett made in leading the way for marijuana to become normalized among the elected officials and as he noted for the latest cryptocurrency news reports:
‘’There’s a negative public perception that people in higher levels of office shouldn’t use (cannabis), let alone buy it.’’
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