$400M Bitcoin Buy for Crypto Trader

20. February 2018.

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The big bucks come anonymously in cryptoland.

News came President’s Day that an anonymous investor ponied up nearly $400 million to snap up bitcoin, the name most synonymous with digital currencies. MarketWatch said Monday that the huge investment came from a bitcoin address, 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 to be exact. The slug came over a time span stretching from Feb. 9 to Feb. 12. The balance of bitcoins came to more than 96,000 coins, up from 55,000 previously.

Might the slug of investment commitment come to mark the bottom of the cryptocurrency? Said MarketWatch, the social media conduits think so, according to bulls who touted the outsized buy as a positive sign. The site quoted Jeff Koyen, president of 360 Blockchain USA as stating that “I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” he said.

The transaction certainly has enriched the emboldened buyer, as the anonymous trader has enjoyed toe bounce from the lows to bitcoin trading back above $10,000, up more than 60 percent.

The regulatory fears that stoked a decline of more than 50 percent for a slew of cryptocurrencies over the past several years have proved to be less reality than perception.

In another note quoted by the financial press, Alex Sunnarborg, founding partner of Tetras Capital said that “Not sure who that big buyer was, but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia.”

In one sign of that regulatory clarity, as reported late last month, South Korea said it would not ban crypto-currency exchanges. The assurance came even amid news that customs officers in South Korea announced they had uncovered around $600 million in illegal cryptocurrency foreign exchange trading.

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