Around 142,323 BTC was moved yesterday by unknown persons allegedly linked to XAPO and Coinbase.
The moved fund, which happened around 14 hours ago, at the time of writing is around $1.3 billion, and approximately 0.8% of the total bitcoin in circulation.
Analyst Larry Cermark, who hinted the twitteratti about the development linked the fund transfer to Xapo and Coinbase, since the firm is involved in the transaction.
Around May 2019, The Block reported that Coinbase was negotiating the acquisition of a Bitcoin custody business of Xapo, a crypto wallet and debit card firm. As reported by the news firm, Coinbase, will pay around $50 million for the deal.
As at the time of acquisition Hong Kong based Xapo has approximately 700K bitcoin, around $6.6 billion under custody.
Bitcoin Market and Crypto Regulations
The general cryptocurrency market is bearish for now. Bitcoin that was at some point trading above $13,000 is now changing hands at $9,500 and other coins are as well witnessing the hard time.
Although it is uncertain if Bitcoin will reach the high range again this year, the general cryptocurrency market appear promising still, especially this time that big firms are joining the industry.
However, cryptocurrency regulations seem to be the major issue bedeviling this nascent industry. As countries begin to set cryptocurrency regulatory policies, we have countries condemning the advent of bitcoin.
For example, the president of the US recently said he’s not a fan of Bitcoin, Facebook’s Libra and other digital currencies, saying they are generally volatile.
Since David Trump talked about cryptocurrency, the market has been swinging back and forth.