13,003 BTC Transferred In Coinbase, Panic or Pragmatic?

13,003 BTC transferred from an anonymous Bitcoin wallet to Coinbase. This shows a sign of positivity for the crypto community to establish their support with cryptocurrency, meanwhile people are starting getting into Panic because of bulk sell. 

On 17 July, Whale Bot alert shared a tweet where the bot detected 13,003 Bitcoins transactions from an unknown wallet to Crypto giant Coinbase. 

According to the current market price of Bitcoin, it’s worth around $408,868,713 USD. 

The positive thing that it shows is transaction fees. This transaction of the Bitcoin fund took only 0.00011508 BTC, which worth only around $3.6. If any financial institutions will proceed this transaction then surely they will charge a very high amount but here with Bitcoin everything is happening with very small fees.

The negative thing that people are seeing, The owner of these Bitcoins may sell and that can crash the BTC market for a while and that can impact the price of other altcoins badly.

While the anonymous wallet from where these Bitcoins are coming, has more than 6,000 Bitcoin in his wallet. And it is expected that he is going to play with the market instead of sell.

Most experts believe this is a clear indication of high selling pressure in the crypto market. And we should remain ready for next crash. 

Amid this critical market situation, Coindesk reported about the Bitcoin futures trading which will be brought by Bank of America soon. Since no official confirmation of this news is coming but still it is a sign of something good for the crypto community.

Read also: Bank Of America Will Allow Bitcoin Futures Trading