$1.2 Billion In Bitcoin Moved from Binance 10 Minutes After BTC Plunge, Here’s What Happened

$1.2 Billion In Bitcoin Moved from Binance 10 Minutes After BTC Plunge, Here’s What Happened
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Yuri Molchan

Recently shared Glassnode chart says that $1.2 billion worth of Bitcoin was withdrawn from Binance in merely ten minutes after BTC crashed to the $51,000 level on Sunday

Chart provided by the popular analytics company Glassnode demonstrates that 20,952 Bitcoin was moved from the Binance exchange on Sunday, April 18, ten minutes after the price of the flagship cryptocurrency crashed.

That was a plunge by almost twenty percent – from $60,000 to the $51,000 level in less than an hour.

Image via Twitter

$1.2 billion in BTC withdrawn from Binance

CIO of Moskovski Capital has shared the aforementioned chart about the massive BTC drop caused by an unconfirmed tweet published on Sunday and covered by U.Today.

The tweet alleged that the US Treasury intended to charge several financial institutions with money laundering activities using cryptocurrencies. Within an hour after this message was published, Bitcoin printed a massive red candle and altcoins went into the red even deeper.

Overall, the tweet wiped $288 billion from the cryptocurrency market.

Lex Moskovski, who shared the chart, asked for an official comment from Binance but no representative of the exchange replied to the request.

In the comment thread, users have assumed that someone had bought this eye-popping amount of Bitcoin on the dip.

9,000 BTC in before and 20,700 BTC out after the crash

Crypto trader Willy Woo also commented on yesterday’s Bitcoin plunge. He shared data which says that the plunge was due to the major drop in Bitcoin hash rate in China – the biggest since 2017.

He also tweeted that, according to a Glassnode chart, 9,000 Bitcoins were moved to Binance before the crash took place and then 20,700 BTC was withdrawn after the price collapsed, losing almost $10,000 within an hour. He assumed that both transfers may have been done by the same whale.

By now, the flagship cryptocurrency has recovered to the $56,928 level.

Image via Twitter

editorial staff