May 20, 2024 3:09 AM | 2 min read
A mammoth transfer of more than a billion worth of Bitcoin (CRYPTO: BTC), accomplished by paying a fraction in fees, grabbed the market’s attention, leading to discussions around the nature of the transfer.
What Happened: In a social media post on X, well-known Bitcoin influencer Vivek highlighted a transaction showing the movement of 16,445.82 units of Bitcoin, worth $1.1 billion at current market prices.
The fascinating bit was that the transfer was performed by paying just around $7.30 as transaction fees.
The sheer size of the transfer left on-chain observers in awe, with Vivek predicting it to be a purchase by a nation-state.
Another popular cryptocurrency analyst, MartyParty, informed that the withdrawal was from cryptocurrency exchange Binance, possibly going to a new buyer, or cold storage as a safety measure.
Why It Matters: Typically, such mammoth transfers, when executed using the traditional finance system, cost an order of magnitude higher.
According to a report by Coinbase, crypto international money transfers were found to be 96% cheaper than the legacy process of sending money abroad.
Apart from the cost advantages, crypto transfers could also cut settlement time significantly. While it may take anything between 1-10 days before the recipient gets the money through traditional transfers, the average wait time for crypto transfers was just 10 minutes.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,180.06, an increase of 0.02% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Peter Schiff Says ‘Bitcoin Is Dead, Long Live Silver’ But Is It Really True?
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
