$750 Million In Bitcoin (BTC) Stolen From the 2016 Bitfinex Hack Is On the Move

Source : coingape.com

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A massive quantity of Bitcoin is on the move previously linked to the 2016 Bitfinex exchange hack. Just today, popular Twitter handle Whale Alert has reported two such instances wherein Bitcoins worth more than $750 million have been transferred to some unknown wallet.

As per the recent report, more than 20,000 Bitcoins have been moved in two different transactions of 10,000 BTC each. This is for the second time over the last year that hackers have been moving funds stolen from the 2016 Bitfinex hack. Back then, a total of 119,756 in BTC were stolen from the exchange sending the market crashing.

Last year when Bitcoin was trading at its all-time high in mid-April 2021, the hackers had moved the first batch of Bitcoins worth $750 million.

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Will This Have An Impact on the Bitcoin Price?

It will be interesting to see whether this move can bring additional volatility to the Bitcoin price. Hackers have moved nearly 20% of the total Bitcoin stolen.

While most of the exchanges have prevented cashing out the stolen exchanges, the hackers can find some other ways of liquidating. The recent fund transfer, however, shows that the hackers are in a mood to manipulate the market.

As of press time, Bitcoin is trading 4.5% up at a price of $38,500 levels with a market cap of $730 billion. Bitcoin has already been trading at more than a 45% discount from its all-time high levels of $69,000 in November 2021. Popular crypto market analyst, Will Clemente writes:

Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor.

Courtesy: Glassnode

On the upside, Bitcoin first needs to reclaim above $39,500 and further above $42,500 to confirm an uptrend. The market has been waiting for this healthy bounceback after a strong correction this month. It will be interesting to see if Bitcoin can reclaim $40,000 ahead of this week.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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