Bitcoin whale re-accumulates more than 3,500 bitcoins

Bitcoin is now in for some positive news after days of reeling because of its historic price collapse this week as a mysterious whale seemed to have re-accumulated a significant amount of the cryptocurrency.

According to Itsblockchain News, on three separate occasions dating May 15, 18, and 19, the whale managed to purchase 3,521 bitcoins.

The first purchase was a May 15 – with 753 bitcoin buy, made days before the now-infamous May 19 flash crash.

Meanwhile, the following buys, 965 BTC and 1,803 BTC, respectively, happened as the market was experiencing a tremendous decline. This took place average price for the whale purchases hit $50,050.54, $44,782.37, and $41,897.02, respectively.

Whale loaded and offloaded Bitcoin

It would appear that the mysterious buyer has been offloading and loading for quite some time now.

Back in January, with a price between $35,000 and $40,000, the whale reportedly offloaded 12,000 bitcoins. After that, he moved to re-accumulate more of the cryptocurrency.

On May 9, the mysterious purchaser once again disposed of 3,000 bitcoins for an average price of $58,503.39, before making the recent three purchases.

Whale (large, oversized holders of bitcoin) activities are monitored by market participants as they have the ability to influence prices through purchasing and offloading a large portion of their holdings.

A steep fall for Bitcoin

On Thursday, the price of bitcoin plunged below $30,000 for just a short moment. Since then, the cryptocurrency has managed to recover 34% but is still 37% away from its previous all-time high of more than $64K attained last April 14. At press time, according to CoinGecko, bitcoin is trading at $40,218.

While such price corrections are nothing new for veteran cryptocurrency traders, the recent plunge experienced by the leading digital currency caught many by surprise as it corrected more than 53% between April 14 and May 19.

 

Image courtesy of Cointelegraph News/YouTube

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