The Independent reported that an anonymous bitcoin holder purchased more than $150 million during the digital currency’s recent decline.
The third-largest bitcoin holder now has nearly $6 billion of the cryptocurrency.
Bitcoin’s price smashed by almost 30% over the weekend but has rebounded since the drop.
The Independent reported Wednesday that a prominent bitcoin holder dug up millions of dollars worth of the cryptocurrency during its recent crash that forced the price down by about 30% to beneath $50,000.
The report stated that the third-largest Bitcoin holder bought more than $150 million of the digital currency. They dug up more than 3,000 bitcoins over the past couple of days, quoting data from BitInfoCharts, a blockchain monitoring service.
Omicron variant worrying investors
The anonymous bitcoin holder’s portfolio stood at about $5.9 billion with the new purchases. The holder’s crypto address first displays activity in February 2019, when bitcoin traded in the $3,000 range. The holder has logged a profit gain of approximately $3.4 billion.
Bitcoin during Wednesday’s session was higher by 3% at $50,815. Its price on Saturday slammed by almost 27% and glid under $42,000 as part of a broader crypto-market crash. Analysts stated the selloff was driven by a mix of worries, including the new Omicron COVID-19 variant and increased chances that the Federal Reserve will tighten monetary policy.
Analysts also stated that the market structure exacerbated the crash, with many traders using derivatives and borrowed money.
