Bitcoin's BTC/USD blockchain reported a massive transaction on Wednesday, Nov. 2. That was just over 24 hours before the coin reported a trading volume spike which was followed by a minor sell-off.
Data gathered from blockchain explorer Blockchair shows a single transaction singlehandedly moving over 50,562 Bitcoin — or about $1.035 billion — from one unidentified address to another. The transaction took place on Wednesday morning and took place when the coin was falling by $200 from a local high of about $20,500.
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The transaction is part of a wallet-hopping activity that sees the above amount move from wallet to wallet six times. The biggest transaction of the week excluding those related to this wallet hopping is a $685 million Bitcoin transaction which was processed just minutes before press time.
Earlier today, the Bitcoin market showcased its unpredictability once again, when volumes skyrocketed from a baseline of $59 billion up to over $224 billion for about one hour, only to return to their previous levels.
BTC Price Action: As of press time Bitcoin is trading at $20,262 after losing 0.72% of its value over the last 24 hours.
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