Bittrex Paid $1.51 in Fees to Move Bitcoin Worth $500 million

News / 16.02.2020

Bittrex moved Bitcoins worth huge value from its major exchange to another wallet. However, the coins were returned to the original wallet. The two huge transactions cost almost nothing.

The transactions took place earlier today, involving the transfer of 48,952 BTC (valued at $491 million). The information was provided by blockchain records, first noted by Whale Alert via Twitter.

Interestingly, Bittrex paid a total of $1.51 in fees for the two huge transactions. The first and the second costs $0.67 and $0.84 respectively.

There is a likelihood that Bittrex was reconfiguring its cold wallets, where the majority of its users Bitcoin are stored offline.

The exchange has made such transactions before. In Dec. 2019, Bitcoins worth $9 billion was transferred within an hour, majorly because of a series of transactions carried out by Bittrex.

In Sep. 2019, a massive consolidation of Bitcoin into one address occurred. Investors who own large-scale Bitcoin called whales moved 94,504 BTC valued at more than $1 billion to an unknown wallet. The amount of Bitcoins moved is more than 0.5 of all coins in circulation. On the same day, Bakkt launched its custody service but did not comment on the transaction.

The price of BTC at the moment has declined below $10k level to $9,807.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.