On-chain data shows a Litecoin whale has made a large deposit to cryptocurrency exchange Binance, which could add to the coin’s decline. Litecoin Whale Has Transferred 100,000 LTC To Binance Today According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Litecoin network during the past day. This transaction involved the movement of 100,000 LTC across the blockchain, worth more than 7 million US Dollars at the time of the move. Since the transfer scale is so large, a whale entity was likely behind it. Related Reading: Extreme Greed Is Back For Bitcoin, Is It Time To Sell? Generally, the transfers of whales can be something worth watching out for, as they may end up causing ripples in the market. How a move from such a humongous holder would affect the asset, though, depends on the intent behind it. Here are some additional details regarding the latest Litecoin whale transfer that may provide a hint about why the investor made the move: Looks like the transaction only required a negligible fee of 0.008 LTC ($0.56) to be possible | Source: Whale Alert As displayed above, the whale transferred 100,000 LTC to wallets associated with the cryptocurrency exchange Binance in this move. The sending addresses were all unknown wallets that were unattached to any centralized platforms. Such wallets are usually the investors’ addresses. Transactions like this, where coins move from self-custodial wallets towards exchanges, are called “exchange inflows.” The latest exchange inflow from the Whale suggests that the investor wanted to use one of the platform’s services, which can include selling. As such, the transfer can be bad news for Litecoin. LTC Has Gone Down 3% In Past 24 Hours Despite Market Surge While most cryptocurrency sectors have enjoyed profits during the last day, Litecoin has been the odd one as it has registered negative returns. As the chart below displays, LTC plunged from above the $73 level to the $68 mark during its latest drop. The value of the asset seems to have gone through a rollercoaster in the last two days | Source: LTCUSD on TradingView Litecoin has registered a bit of a rebound since its low, though, as it has returned above $70. Despite this increase, however, the coin has still been down around 3% in the past 24 hours. Given the timing of the Binance inflow transaction made by the whale, it’s possible the move was for selling after all, as it coincided with this rebound in the cryptocurrency. Related Reading: CryptoQuant Founder Puts $112,000 Target For Bitcoin This Year The whale may be using this small surge to exit from the asset, potentially for moving into the greener pastures the rest of the market seems to be providing. Regarding the market cap, Litecoin has fallen to just the 20th spot on the top cryptocurrencies list, meaning there are nineteen larger digital assets than it currently. There is still some gap between LTC and 21st-placed Uniswap (UNI), so the coin may not be at risk of slipping further, at least for now. The market cap of the asset appears to be $5.2 billion at the moment | Source: CoinMarketCap Featured image from Thomas Lipke on Unsplash.com, chart from TradingView.com
View full article at NewsbtcBackground Photo by André François McKenzie on Unsplash
Quant Hedge Fund Two Sigma Hirin...
Cream Plunges on News That Hack ...
Indian National Congress Accuses...
CoinTelegraph (cointelegraph.com)
Phoenix and Wasabi exit US marke...
Apple reportedly courting OpenAI...
Bitcoin News (news.bitcoin.com)
FBI Warns Against Using Unregist...
Zksnacks Bars US Users from Wasa...
Prioritizing First-Mover Advanta...
Wasabi Wallet Halts US Services ...
Shiba Inu Team Member Unveils Sh...
Rumors Swirl: Could Bitgert Coin...
Industry Expert Who Predicted 20...
BEFE Coin’s Journey to $0.01: ...
Custodia Bank files notice of ap...
How decentralized payments are a...
UK law enforcement given new pow...
Expert Says Bitcoin Price Has To...
XRP Price Prediction: Analyst Sa...
Bitcoin Raises Bull Flag, Format...
CryptoGazette (cryptogazette.com)
Another Day, Another Banking Sca...
US Banking Giant Pays $249,000,0...
Cardano To Explode by Over 1,300...
Why Ethereum’s DEX volume fell...
Bitcoin price prediction – Is ...
Solana congestion continues desp...
Ripple Vs SEC Lawsuit Update: He...
The Rise of 2024: Expert Forec...
Are Blackrock and Paypal Buying ...
Celebrities May Have Their Dirty...
3 Ways Bitcoin Traders Can Spot ...
Blockchain as an Infrastructure:...
BinaryX Releases RhinoX Whitepap...
StreamCoin’s 1st Anniversary: ...
Ukrainian Real Agriculture Busin...
Benchmark Protocol (medium.combenchmarkprotocol)
Benchmark Protocol celebrates 1 ...
Benchmark Protocol Integrates Ch...
Bitcoin Magazine (bitcoinmagazine.com)
EU Parliament Adopts AML Laws Re...
Bitcoin Is Built To Last: How Th...
Top 10 Tips for Every Bitcoin Mu...
Bitcoin.com (news.bitcoin.com)
Rich Dad Poor Dad Author Robert ...
Amid Shifts in Bitcoin Mining Ec...
Study: Half of Canadian Institut...
This Week in Coins: Bitcoin Stum...
'Cold Wallet' Review: The First ...
‘Notcoin’ Game Token Is Laun...
Bitcoin historian creates lore w...
Nilam Resources gives up, no mor...
ConsenSys says the SEC designate...