Bitcoin’s [BTC] rally on May 3 breached its immediate resistance and market cap of $100 billion. The coin, at press time, was undergoing a correction and was valued at $5,779.02. BTC’s prices took a hit during the Bitfinex-Tether fiasco, after which there were questions on BTC’s 2017 rally. On May 5, it was noted that 6,567 BTC were transferred from an unknown wallet to another unknown wallet.

The total amount of Bitcoin transferred amounted to a massive $37,949,100 USD. The wallet address of the sender was 1NpkqGZ5TYb7cYsV2HVe5CfrifnKieEEMj and there were two receivers that the payment went through to. One of the receivers with wallet address 1N4DPfNkEoLmng6eWtZZxEgjUK4VUVyoFw obtained 2 BTC worth $11,427.24 USD. The other receiver with wallet address  12toZqRzxzH3zjF6sgM1pTvbYG9R89H4D got 6,566.79986132 BTC, equivalent to $37,520,199.02 USD.

Source: Blockchain

Source: Blockchain

The sender’s wallet shows zero balance of BTC after these transactions and the number of transactions taking place on this wallet address was noted to be just four. There have been multiple transactions taking place from the account that received 2 BTC, however, the address, 12toZqRzxzH3zjF6sgM1pTvbYG9R89H4D, noted only a single transaction of receiving this hefty amount and was untouched, at press time.

Similarly, many such movements of BTC have been traced across many exchanges, especially Bitfinex. On May 3, 3,500 BTC was transferred from an unknown wallet to an account created on the Bitfinex platform. Since May 3, BTC formed a new resistance and the users were hopeful of another that could take the price of the coin to $6,500 at least.

However, at press time, the coin was falling by 0.28% over the past day and noted the growth of 9.13% over the past week. The coin continued to stride up by 0.11% with a market cap of $102.28 billion.

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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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