Bitcoin

Read

Binance experienced a rapid Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) withdrawal worth $150 million across five transactions in one minute, all recorded in the same block.&nbsp; 
According to the blockchain tracker Whale Alert data, there were five major Bitcoin withdrawals worth 5,729 BTC (approximately $150 million) from Binance within a minute. 
All five transactions were included in block 804522. These withdrawals could indicate several factors, including security, investment strategy, or preparation for a major transaction. 
<figure class="wp-block-image size-large is-resized">
 <img decoding="async" loading="lazy" src="https://crypto.news/app/uploads/2023/08/WhatsApp-Image-2023-08-24-at-22.43.07-622x1024.jpg" alt="Binance bitcoin withdrawal" class="wp-image-14188138" style="width: 100%;height:570px" width="346" height="570">
 <figcaption class="wp-element-caption">
 Major transfers from Binance | Source: <a href="https://twitter.com/whale_alert" data-type="link" data-id="https://twitter.com/whale_alert" target="_blank" rel="noopener">Whale Alert</a>
 </figcaption>
</figure> 
The movement of such a large quantity of Bitcoin usually indicates that a significant whale holder has decided to move their assets off the exchange. 
Binance has encountered several challenges throughout the past month. On Aug. 24, the leading exchange stopped its <a href="https://crypto.news/binance-halts-crypto-debit-cards-in-latam-and-middle-east/">debit card services</a> in the Middle East and Latin America. 
Moreover, <a href="https://www.reuters.com/business/finance/mastercard-binance-end-crypto-card-partnership-2023-08-24/" target="_blank" rel="noopener">Mastercard</a> has also ended its partnership with the exchange. Such a large-scale transfer could indicate that whales are losing faith in the exchange. 
 You might also like: <a href="https://crypto.news/binance-halts-crypto-debit-cards-in-latam-and-middle-east/"> Binance halts crypto debit cards in Latam and Middle East </a> 
A movement of this magnitude can generate speculation and potentially influence market sentiment. While it’s not uncommon for large holders to move funds between wallets, the rapid sequence and high value may lead to conjecture about upcoming market moves, such as large-scale buying or selling. So, the BTC market and Binance trading volume will be under the microscope in the coming days.&nbsp; 
It’s also important to consider that such large sums of withdrawal in quick succession are often tied to illicit activities like money laundering. With regulators constantly scrutinizing leading exchanges like Binance, assuming that the company might investigate these transactions is not farfetched.&nbsp; 
 Read more: <a href="https://crypto.news/mastercard-and-binance-to-terminate-partnership-in-september/"> Mastercard and Binance to terminate partnership in September </a>

Binance records massive $150m Bitcoin withdrawal in 60 seconds

crypto.news

Other articles published on Aug 25, 2023

Menilik Lagi Sejarah Singkat Bitcoin

Meet the whales: Bitcoin’s biggest holders and their market influence

MetaTrust Labs Announces Strategic Partnership with BingX

Polygon(MATIC) Price at the Crossroads: Is It a Reversal or Trend Continuation Pattern?

Exploring Casinos not on Gamstop: Your Guide to Responsible Online Gaming

DarwinSwap: Pioneering Decentralized Exchange with a Twist

Join our free newsletter for daily crypto updates!