Mystery buyer invests $400 million in Bitcoin
A mystery crypto trader has bought $400 million worth of Bitcoin.
The anonymous crypto enthusiast bought the dip on a monumental scale by scooping up almost 41,000 extra Bitcoin.
The trades took place between 9th and 12th of February at an average price of $8400 for each Bitcoin.
The funds were sent to bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 making the total for that wallet a staggering 96,000 Bitcoin.
As the price of BTC hovers around the $11k mark today, it makes the value of the wallet just over $1.056 billion.
Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 from 2/09/18 through 02/12/18 – then, doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth around $900,000,000 at today’s price ($9,400).
— Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG) February 15, 2018
Reason for Bitcoin price surge?
On Sunday, the price of Bitcoin rose to $11,328 following news that the mystery buyer made the whopping $400 million investment in Bitcoin.
The purchase came after a huge sell-off that had erased more than 50 percent of the cryptocurrency market value.
One of the biggest reasons for the drop was speculation of growing regulation and security fears.
Bitcoin fell from all-time highs of $20,000 in December to below $6,000 on February 4.
However, other investors poured money into crypto-assets after the news of the huge buy broke.
Alex Sunnarborg, a founding partner of Tetras Capital said, said in a statement:
“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia,”
More than 80 percent of the top 100 cryptocurrencies were trading higher on Monday.
Historical data suggests that total search volumes of “buy bitcoin” is three times more popular than “buy gold” was during the financial crisis of 2008 when people rushed to buy gold in an attempt to save their cash.