An anonymous bitcoin whale reportedly bought $150 million worth of the cryptocurrency during its recent price crash | Currency News | Financial and Business News

Bitcoin

  • The Independent reports that an anonymous bitcoin holder bought more than $150 million during the cryptocurrency’s recent plunge.
  • The third largest holder of Bitcoin now owns about $6 billion in cryptocurrency.
  • Bitcoin price collapsed nearly 30% over the weekend but is recovering since the decline.

A major bitcoin owner reaped millions of dollars worth of cryptocurrency during the latest crash that sent the price down nearly 30% to below $50,000, The Independent reported on Wednesday.

The report, citing data from BitInfoCharts, a blockchain monitoring service, said the third-largest bitcoin holder has bought more than $150 million of the digital currency, and acquired more than 3,000 bitcoin over the past two days.

Anonymous Bitcoin holder’s wallet reached nearly $5.9 billion with new purchases. The owner’s crypto address shows activity in February 2019, when bitcoin traded in the $3,000 range and earned its owner about $3.4 billion in profit.

Bitcoin rose 3% during the Wednesday session to $50,815. On Saturday, its price fell nearly 27% to below $42,000 as part of a broader crash in the cryptocurrency market. Analysts said the sell-off was driven by a combination of concerns including the new coronavirus variant Omicron and increased chances of the Fed to tighten monetary policy.

Analysts also said the market crash was exacerbated by the market structure, with many traders using derivatives and borrowing money.