Bittrex Transfers Bitcoin Worth $500 Million at a $1.51 Fee

News / 16.02.2020

Bittrex moved Bitcoins worth tremendous value from its central exchange to another wallet. However, Bittrex returned the coins to the initial wallet with the two huge transactions costing almost nothing.

The deal took place earlier today and included a transfer of 48,952  BTC (valued at $491 million), as shown by blockchain records first recorded by Whale Alert via Twitter.

Interestingly, Bittrex paid a fee of $ 1.51 for two large transactions. The first and second are $ 0.67 and $ 0.84, respectively.

Bittrex is likely reconfiguring its cold wallets, which is where most users’ Bitcoin remains offline.

The exchange has made such a transaction. In December 2019, $ 9 billion worth of bitcoin got transferred in one hour, mainly due to a series of transactions from Bittrex.

In September 2019, there was a massive Bitcoin consolidation into one address. Large scale Bitcoin investors, whales, moved BTC 94,504 worth more than $ 1 billion into an unknown wallet. The number of bitcoins transferred is more than 0.5 of all coins in circulation. On the same day, Bakkt started its custodial service but did not comment on the transaction.

The current price of BTC has fallen below the $ 10,000 level to $ 9,807.

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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.