bitcoin-whale

A mysterious Chinese investor has been ‘buying the dip’ so to speak, again and again, amassing one of the largest bitcoin wallets in the entire world.

The bitcoin ‘whale’ – as the cryptocurrency community calls investors with enough of an asset to make a big splash in moving market prices – has been slowly and steadily accumulating the leading cryptocurrency by market cap since March 25, 2018. In total, 93,947 BTC have been transferred to the whale’s wallet, or roughly $722.5 million dollars at bitcoin’s current price at the time of this writing.

The wallet address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 currently has 85,947 BTC, or nearly $661 million, indicating an 8,000 BTC sale or trade has occurred.

The China-based, award-winning blockchain media firm BABI Finance has been following the whale’s movements for some time. BABI notes that the account in question has mostly been buying bitcoin when the price falls, but rarely sells.

BABI followed 20,000 of the bitcoins back to their sources: popular Chinese cryptocurrency exchanges Huobi and Haobtc. Another 67,000 BABI says are from “wholesale transfer[s] of fourteen ‘single accounts.’” BABI also notes that some of the ‘single accounts’ can also be traced back to Huobi and Haobtc. The remaining 7,800 bitcoins are “small transfers” from “multiple accounts.”

BABI concludes that the whale is likely “a long-term investment institution”, while other speculation points to a potential exchange setting up a cold wallet.

Due to bitcoin’s pseudo-anonymous design, tracing the bitcoins back to the investor has proven too difficult for BABI. BABI claims “an unnamed people (sic) in wholesale digital currency industry” states that its a large agent in Dubai buying the bitcoin for an unknown client.

What is known, though, is that this client – or Chinese bitcoin whale – now owns the sixth largest stack of BTC, with the top five wallets belonging to top cryptocurrency exchanges Bitfinex, Binance, Bittrex, Huobi, and Bitstamp, respectively.

Litecoin.svg

Wirex has announced that it will now support Litecoin (LTC) wallets on its platform. Wirex, the bitcoin and cryptocurrency wallet and exchange app has been growing but with no cryptocurrencies added since its launch in 2014.

According to a statement published on the Wirex website, customer polls carried out last year revealed Litecoin was quite popular as a rival alternative to bitcoin. Litecoin will be the first altcoin available on the platform providing more flexibility for exchanging cryptos and traditional currencies for trading.

The Wirex team believes that the integrated Litecoin wallet will allow users to spend their Litecoin by converting their LTC to a local currency like the GBP, USD or EUR with a Wirex Visa Card.

Users will also be able to purchase Litecoin, exchange it for Bitcoin or vice versa, use their Litecoin for payments as well as withdraw Litecoin to any other LTC wallet.

Wirex launched its first Bitcoin debit card in 2016 which allowed its users make payments in any Visa or MasterCard supported stores using Bitcoin. The company reached a milestone of over 950,000 users while processing over $1 billion in transactions in December.