Bitcoin whales withdraw 17,000 BTC over a few hours, and the BTC price drops to 0 on BitMEX

Bitcoin whales withdraw 17,000 BTC over a few hours

Large holders of bitcoin in several transactions withdrew 17,320 BTC (about $169.4 million) from several exchanges, the Whale Alert service noticed.

First, 5,000 BTC was sent from Bitfinex to an unknown address. Then 3,058 BTC was transferred from an account on Binance exchange; 2,645 BTC were moved from OKEx in two transactions. A little later, another 3,164 BTC were withdrawn from OKEx, and 1,593 BTC from Coinbase.

The senders and recipients are unknown; all transfers were made during the evening and night of May 19. Twitter users have suggested that whales accumulate coins on the verge of the upcoming Bitcoin price increase.

Bitcoin price drops to 0 on BitMEX

On May 19, the BTC/ USD price collapsed to zero at BitMEX, one of the largest crypto derivatives trading sites. After that, the platform suspended trading for several hours.

Representatives of the exchange did not explain whether there was a real deal at the rate of $0, or whether it was a technical malfunction. BitMEX said that “all funds are safe”, now the website is working as usual.

The other day, a lawsuit was filed against BitMEX, among other accusations, the exchange was accused of price manipulation and fraud.

Bitcoin mining difficulty decreases by 6%

On the morning of May 20, the first change in the complexity of mining Bitcoin took place after the recent halving — the indicator fell by 6%.

The reason lies in the hashrate falling after halving the block reward. Now outdated equipment can once again generate revenue at the cost of electricity below $0.05 kW/h. In some provinces of China, due to the rainy season, tariffs for miners have been reduced to $0.03 kWh/h. This may prompt miners who have switched off, to return to cryptocurrency mining, according to Alejandro De La Torre, vice president of the PoolIn mining pool.

According to BTC.com, in two weeks, complexity may decrease by another 6.3%. In early March, the indicator updated its historical maximum, but after the collapse of the exchange rate to $4,000 at the end of the month, it fell by 15.95%.

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