Binance buys 43,000 more Bitcoins still can’t save the market, BTC continues to “plunge” to 41,000 USD

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2022-01-06 22:54:07

Although many Bitcoin billionaires have continued to take advantage of Bitcoin price drop opportunities to accumulate. But the current situation of BTC has not shown any positive signs.

Binance buys 43,000 more Bitcoins still can’t save the market, BTC continues to “plunge” to $41,000

A Binance wallet address added 43,000 BTC on January 4 at an average price of $46,553.68, bringing the total value of the wallet to $5.5 billion.

Bitcoin purchases by Binance exchange wallet.  Source: Bitinfocharts
Bitcoin purchases by Binance exchange wallet. Source: Bitinfocharts

There have been some confused comments on social media platforms about the wallet owner behind the purchase of up to 43,000 BTC, but Binance confirmed the ownership of the address in an announcement made on Feb. 2019.

The purpose of using the above wallet address is for the company to issue a number of tokens on the Binance chain, starting with BTCB, the BEP2 token is pegged to BTC. However, the wallet seems to have evolved into a cold storage wallet for the world’s largest cryptocurrency exchange.

Besides, the world’s third largest Bitcoin address continues to spend heavily, adding another 867 BTC just today Since the beginning of January, the wallet has added 1,880 BTC in the range of $42,000 – $47,000, currently owns a total of 121,396 BTC, equivalent to 5 billion USD.

Bitcoin purchases by the third largest whale wallet.  Source: Bitinfocharts
Bitcoin purchases by the third largest whale wallet. Source: Bitinfocharts

However, it seems that the above move can save the market situation when Bitcoin plummeted to $42,500 because of the news that the Fed raised interest rates. However, in reality, Bitcoin continues to be “red on fire”, breaking through the previous bottom of $42,000 since the sell-off in early December. Currently, BTC is trading around $41,809.

BTC/USDT price chart.  Source: Binance
BTC/USDT price chart. Source: Binance

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