Two giant BTC transactions have appeared on the horizon, shaking up the cryptocurrency community and raising a host of questions. What is actually going on? Should uncontrolled declines be expected?
FBI warns – Bitcoin may move significantly
The unusual movement of BTC caught attention when the Federal Bureau of Investigation (FBI) issued its warning. It reports that funds with strings leading to Lazarus Group and APT38, hacking groups with North Korean roots, were on the move.
Is the above information a sign that a huge BTC sell-off is imminent? On Wednesday, August 23, Whale Alert reported the movement of 4800 BTC (about $124.95 million). Initially, this travel took place between two unknown wallets.
Over the next two hours, Whale Alert published a post bringing news of the movement of as much as 2910 BTC, which at that point was worth nearly $76 million.
What caught the eye was that this huge sum had entered the territory of one of the most important players – Coinbase, a US cryptocurrency exchange. Historically, similar moves have often acted as a bellwether signaling declines in the value of BTC, while igniting a dance of speculation in the hearts of investors.
Extraordinary coincidence of events
Although moves of this magnitude in the crypto world are not unusual, the timing of the move has already made one wonder. The warning issued by the FBI was a clear signal to crypto platforms to become more alert to moves that could be linked in any way to North Korean tentacles.
The FBI is constantly monitoring the situation, and has suggested that this could be one of many steps in which North Korea would move toward a complete disassociation with BTC.
The warning issued is intended to alert the private sector to carefully examine blockchain traces that could lead to suspicious addresses. The agency expressed in its announcement:
“Private sector entities should closely monitor the blockchain data associated with these addresses and be cautious of transactions directly related to them.”
A random case?
However, it is advisable not to panic, as the confluence of the two factors could be completely random. However, if both events do indeed predict a sell-off, we can expect turbulent days ahead for Bitcoin, and its value will be put to another test.
If, on the other hand, you’re interested in how BTC is performing technically, take a look at our most recent analysis:
“Bitcoin is experiencing strong declines, but at the same time a number of indicators suggest a rebound. When will it occur?”.
