Giant Whale Movement in Bitcoin

According to information reported by blockchain tracking and analysis platform Whale Alert, $1.5 billion worth of Bitcoin was moved between 2 anonymous crypto wallets in a single transaction. Whale Alert reports that exactly $1,513,547,343 worth of Bitcoin was sent to an unknown recipient.
It was stated that the Bitcoin wallet address in question is “3BSTmNXqtKU3Cf47LRoERDpjVjwXJkiD8P”.

Moving such a large amount is seen as important as cryptocurrency whales with millions of dollars of Bitcoin will affect the markets. If the investor concerned decides to exit this Bitcoin position, he may have enough power to pull the BTC price down.

Meanwhile, around $15 to $30 million in selling pressure is needed to push any Bitcoin price down 2 percent. Since this transaction is not sent to an exchange, it is unlikely that the Bitcoin whale is looking for liquidity. Instead, it may have been moved to a different wallet for security purposes. According to the on-chain analytics platform Glassnode, there are 252,965 Bitcoin wallets holding over $100,000 in BTC.

Bitcoin mining company on the verge of default of $103 million

Australian-based cryptocurrency mining company Iris Energy is reportedly close to default on a $103 million loan held by the New York Digital Investment Group (NYDIG). It is said that payments to two groups of Bitcoin miners funded by Iris Energy may lead to a conflict with lenders as the profits exceed the profits that miners can currently generate.

It was said that the miners in question had been provided with a financing of 103 million dollars, and if a payment is not made by the previously agreed deadline on November 8, the lenders can immediately declare this amount due (debt due and payable immediately). Iris is not expected to make this payment, according to a filing with the Securities and Exchange Commission (SEC), which states that miners are generating 2 million BTC per month, which is insufficient to offset their $7 million monthly financing obligation.

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