bitcoin on-chain transaction
Bitcoin | News
Record-Breaking $8.9 Billion Of Bitcoin Moved On-Chain In A Single Hour
December 9, 2019
bitcoin on-chain transaction
Bitcoin | News
Record-Breaking $8.9 Billion Of Bitcoin Moved On-Chain In A Single Hour
December 9, 2019

Almost $8.9 billion in Bitcoin (BTC) were moved on blockchain in a single hour (excluding change volume) which is Bitcoin that returns to the sender.

On Dec. 4, co-founder of on-chain market intelligence firm Glassnode, Rafael Schultze-Kraft pointed out the Bitcoin’s high transaction volume while claiming that such a high hourly transaction value was a first for the network.

Rafael adds:

“It’s the highest hourly USD transaction volume in Bitcoin’s history.”

Bitcoin On-chain Volume (USD). Source: Glassnode market data

Bittrex Responsible For The Spike

On Dec. 5 Glassnode posted that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times.

Bittrex performed 21 on-chain transactions within one hour, each of which moved around 56,000 BTC (nearly $416 million) for a fee of about $0.60.

The tweet also contained a link to data pertaining to the first of those transactions.

ALSO READ :  Japan's Idol Nogizaka46 Asuka Saito Assigned as the New Face of bitFlyer Crypto Exchange

Transactions Took Place Ahead Of The Exchange’s Maintenance

Interestingly, the transactions took place ahead of the exchange’s maintenance.

Although still unclear why the transactions took place, some speculate that the reason may be that funds contained in the exchange’s cold wallets were moved.

Source: Cointelegraph | Glassnode
Image Credits: Master The Crypto

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.