Binance Transfers Over $2 Billion Worth Bitcoin to New Wallet

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  • This is the same cold wallet that made significant Bitcoin transactions previously.
  • This move is connected to the Proof-of-Reserve Audit, Binance CEO “CZ” said afterward.

On Monday, the price of Bitcoin (BTC) dropped sharply, falling below the $16.5k support level. Bitcoin’s price is expected to drop to $14,500 before confirming a bottom, according to analysts. On the other hand, other analysts think the BTC price may recover from its present low using information from previous bear markets.

On November 28th, Whale Alert tweeted about a $2.06 billion transfer of 127,351 BTC from the cryptocurrency exchange Binance to an unidentified wallet. Concerns were voiced in the crypto community regarding the motivations behind the large-scale withdrawal of Bitcoin from Binance.

Part of Proof-of-Reserve Audit

According to Lookonchain, all 127,351 BTC were successfully moved by Binance from a cold wallet to a fresh wallet address. There is no longer any value in the Binance cold wallet. The dramatic drop in Bitcoin’s price today has many in the Bitcoin community wondering whether they should sell their BTC holdings.

This is the same cold wallet that made significant Bitcoin transactions on October 26 and November 11. On November 18th, 127,351 BTC were added to the wallet. As of right now, 127,351 BTC have been moved to a different brand-new wallet.

Some have speculated that the change has something to do with the restructuring of BTCB-Reserve. This move is connected to the Proof-of-Reserve Audit, Binance CEO “CZ” said afterward.

Bitcoin has lost almost 2% of its value in the previous 24 hours, trading at $16,223 at the time of writing. As the Bitcoin price dropped significantly on Monday, trade volume increased by more than 30%. Bitcoin’s low over the last 24 hours was $16,086 and its high was $16,594.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.