As Bitcoin prices remain high one transaction has set a record for the largest ever made in terms of value. Current prices now hover at around $13,000 per coin - the highest this year.
According to recent blockchain data, a Bitcoin wallet transferred 88,857 Bitcoins to another wallet with a fee of 0.00027847, or $3.58 based on current prices. Block 653,364 on the decentralized public ledger confirmed the transaction Oct. 26.
Data analytics company Crystal Blockchain said that the entry on the ledger showed the transaction was sent from a wallet address labeled as a Xapo Bitcoin wallet. Xapo was acquired by Coinbase Custody in 2019, which means that the transaction might have been made by the U.S.-based exchange. The identity of the company or individual that made the transfer and the identity of the owner of the wallet it was transferred to can't be determined.
At current prices, the value of the Bitcoin that was transferred would be worth more than $1.15 billion. This would make it the largest movement of any cryptocurrency - breaking the previous record set by the Bitfinex exchange in April. The exchange transferred 161,500 Bitcoins, which were worth around $1.1 billion at the time, with a fee of only $0.68.
Based on the number of Bitcoin transferred, the most ever moved was Nov. 16, 2011, by the Mt. Gox Exchange. The exchange transferred 550,000 Bitcoins. At today's prices, the number of Bitcoin transferred during that time would be worth $7 billion.
Owing to the relatively low costs for transactions done through the Bitcoin network, regulators are concerned over the possible use of the system for illicit transactions. The U.S. Federal Reserve and other financial regulators have proposed that cryptocurrencies be properly defined as "money" to regulate their movement and prevent illegal activities such as international money laundering.
"The agencies are also proposing to clarify the meaning of money as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency," a statement from the Federal Reserve and the Financial Crimes Enforcement Network said.