Bitcoin price slump: has the $ 2 billion bitcoin whale been sold?

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<p> Bitcoin movements of a whale may have added to the selloff </p>
<p><b>  London: </b> When Bitcoin collapsed by 15% in two days last week, a theory emerged – where else? – on the Internet: a whale was in motion An important cryptocurrency holder with an electronic wallet dating back to 2011 – long before anyone had heard of HODL – was moving in. His portfolio had once had 111,114 bitcoins, which at their peak would have been worthwhile. $ 2 billion The rumors that began two weeks ago were that this whale – as the big holders are known – was trying to cash in after the collapse of the prices of this year </p>
<p>  it flared up on Reddit. Stories of bitcoin origin m Dread Pirate Roberts on the mountain. Gox re-emerged. </p>
<p>  The case has all the elements of a classic Bitcoin mystery: famous portfolios, a vicious circle of speculation that reinforces a selloff and an intense amateur Internet investigation that may not have hit exactly the mark. It also shows what makes Bitcoin unique: the pseudonym, the public nature of its blockchain means that anyone can try to track down transactions. </p>
<p>  According to Chainalysis Inc., which provides cryptocurrency tracking tools to companies and ordering forces, 50 transactions involving a total of 50,500 Bitcoins from that whale's portfolio were moved between 23 and 30 August. Based on the August 22 closing price in Bloomberg's composite data, it would have cost around $ 320 million. Chainalysis said that they can not confirm that the coins have entered the exchanges. </p>
<p>  <b> Detective Work </b> </p>
<p>  "This is really very interesting because of the Reddit investigative work that is happening and only the people who make these assumptions that this whale is cash out," said Kim Grauer, senior economist of Chainalysis in New York. "It leads to conspiracy theories that someone is trying to sabotage Bitcoin – only by someone who makes an administrative move of their funds for security reasons, or we do not even know why they did it." </p>
<p>  Chainalysis software helps detect money laundering by mapping address relationships, which allows at least one counterparty to be identified in about 80% of transactions, Grauer said. </p>
<p>  The narration is also complicated by the fact that while the 50,500 Bitcoins came from the whale (address: 1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a), most of it was dispersed in 2014 in various portfolios that could all be controlled by the same person – or not – and subsequently moved back in a wallet. According to Chainalysis, there were only small transactions associated with this stock until last year, when a thousand Bitcoins were collected from the original address. Then there was again a period of small movements – until August </p>
<p>  The Bitcoin community has a tradition of looking at the portfolios of these ancient hoarders, like that of Satoshi Nakamoto, the pseudonym creator of the cryptocurrency. </p>
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Dread Pirate Roberts

On encrypted news sites, Reddit and Twitter, some viewers hypothesized that the portfolio was linked to Ross Ulbricht, who switched from the pseudonym "Dread Pirate Roberts", the operator convicted of Silk Road, an online market for illicit goods that was one of the first to adopt Bitcoin. Another theory is that it is associated with Mt. Gox, a Tokyo-based collapse exchange that must repay its creditors by liquidating some of its Bitcoin assets.

While Bitcoin collapsed last week, the community was also on fire with a long-standing ShapeShift decision to start collecting personal users information and reports that Goldman Sachs Group Inc. was retiring on short-term plans. term to establish an encryption desk. Bitcoin fell by 8.5% over the five days until 7 September. It has increased by 0.6% this week.

The timing of whale moves – in the account of Chainalysis – does not exactly coincide with the fall in prices, but only speculation may have contributed to the selloff.

"There will always be these historical addresses that become almost a bit of a treasure hunt – who they are and when people move them they really arouse interest," said Danny Scott, co-founder of CoinCorner, a supplier of cryptocurrency and wallets based in Isle of Man. "There's so much noise in the industry and it's hard to eradicate what actually happens behind the scenes."

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