Bitcoin BUYOUT: Mysterious investor buys $344million Bitcoin during cryptocurrency slump
|Date | 19-02-2018 - 05:23 PM||Article Type | Stock Markets||Region | World|
By JOSEPH CAREY
A MYSTERIOUS investor has purchased $344million (£244million) worth of Bitcoin during a period of slumping cryptocurrency prices that gave them a total of 96,650 BTC in their virtual wallet, it has emerged.
A founding partner of hedge fund Tetras Capital, Alex Sunnarborg, stated that the investor is one of many that have chosen to invest in virtual currencies during a period of free falling prices in the hope they rise again.
He explained: "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.”
The purchase was made between February 9 and February 12 and was given the Bitcoin address of “3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64”.
When the address is entered into a blockchain, a ledger for cryptocurrency transactions, it states that the investor’s final balance after the astonishing purchase was 96,650 Bitcoin.
It is not known who owns the Bitcoin address.
Andy Hoffman, the operator of a cryptocurrency consultation firm, declared that the current value of 96,000 Bitcoin is an estimated $900,000,000 (£640,000,000) at current market rates.
He tweeted: “Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 (£5980.55) 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).”
Bitcoin has made a slight recovery in the last week from a devastating period of falling prices.
At the time of writing the cryptocurrency is valued at $10,580.01 (£7,532.65) with $1,884.96 (£1341.94) added to the virtual currency’s price in the last week.
The improved market situation marks an increase of 21.68 per cent.
Back in December, Bitcoin hit an all-time high of $19,535.70 (£13,991.86) on December 17 before sharply declining.
A brief resurgence of the cryptocurrency occurred on January 6 when the value hit $17,035.60 (£12,201.24) before dramatically going into free fall.
Four out of five January’s between 2013 and 2017 saw a decline in Bitcoin prices.
Meanwhile, Bitcoin Cash, Ethereum and Litecoin have all seen price increases in the last week that will surely have investors breathing a sigh of relief.
Bitcoin Cash is currently worth $1487.77 (£1059.17) which marks an increase of 17.01 per cent.
Ethereum saw a small increase of 7.44 per cent that took its current value up to $924.71 (£658.32).
Litecoin grew by 37.24 per cent in the last seven days - the cryptocurrency is now worth $218.22 (£155.31).