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Bitcoin Worth $2 Billion Moved By Unknown Wallet for $0.78
Data from Blockchain.com indicates that an unknown wallet moved $2 billion worth of Bitcoin for a surprisingly low fee of $0.78. While the purpose of the transaction isn’t known as of yet, it has illustrated is the cryptocurrency’s potential in mainstream finance.
Notably, this isn’t the first time when an enormous transaction has been carried out at a minimal fee. In August 2020, a crypto holder moved $1 billion in Bitcoin for a small cost of $4.
These days cryptocurrency transactions outperform traditional methods in terms of speed and cost-effectiveness. If the aforementioned transactions were conducted with fiat money they would have taken several days for processing, with a heftier transaction fee.
Conversely, Bitcoin makes such transactions instantaneous, with an average transaction fee of $2.67, according to BitInfoChart.
Bitcoin Forms New Golden Cross on Charts
On Tuesday evening, crypto advocate and BuffettsBooks.com founder Preston Pysh took to Twitter and shared Bitcoin’s latest bullish signal with his 265K followers.
Pysh highlighted that the flagship cryptocurrency’s 50-day moving average has surpassed its 200-day moving average, resulting in a golden cross pattern. As per Investopedia.com, the technical pattern indicates a major rally for an asset:
Although technical indicators are a useful tool to predict an asset’s future trajectory, they’re not always accurate. For example, the golden cross is a lagging indicator that only reflects price moves that have already occurred. Therefore, such a crossover is not quite effective in terms of predictive power.
Similarly, the death cross pattern -- which is formed when the 50-day MA falls below the 200-day MA -- does not always lead to bearish outcomes.