Anonymous cryptocurrency trader buys $400 million in bitcoin; price jumps past $11,000

An Anonymous trader is taking advantage of bitcoin price plunge by purchasing $400 million worth of bitcoing. The trader with  with Bitcoin address: Bitcoin address: 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased $344 million worth at an average of $8,400 from 2/09/18 through 02/12/18 – then, doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth around $900,000,000 at today’s price ($9,400).

The news of the purchase was all over the social media. On Twitter, Andy Hoffman reported the bitcoin address of the buyer. The identity of the buyer is still unknown. The purchase also encouraged cryptocurrency fans and investors which probably led to the recent rise in the price of bitcoin, which is now over $11,000.

https://twitter.com/Andy_Hoffman_CG/status/964163038545813504

“In the meantime, the $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories,” said Jeff Koyen, president of 360 Blockchain USA. “However, I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” he said.

According to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18. In total, this Bitcoin whale doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth somewhere around $900,000,000 at today’s price ($9,400).

Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 is number three on the top 100 richest Bitcoin address in the world.

Below is table from BitInfoCharts that shows the concentration of Bitcoin wealth.

In the meantime, the volatility of bitcoin is unabated. The price of bitcoin continues to go up from under $6,000 less than two weeks ago to over $11,000 today.