13:38 GMT +325 September 2018
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    Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018

    Trader Takes a Risk With Bitcoin, Becomes Cryptocurrency Billionaire

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    A mysterious investor who had recently purchased an astonishing $400 million in bitcoins has just become a cryptocurrency billionaire.

    Earlier this year, Bitcoin investors pressed the panic button when the cryptocurrency saw as much as a 50 percent of the market lost amidst fears of growing regulations within the community.

    Taking advantage of the collapse Bitcoin experienced over the first two months of 2018, the unnamed trader with the Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased almost $400 million of the currency, apparently making a smart move, with the market now regaining momentum once again.

    READ MORE: Ethereum Creator Warns Of Cryptocurrencies' Potential Collapse to ‘Near-Zero'

    ​"Not sure who that big buyer was," founding partner of Tetras Capital Alex Sunnarborg told MarketWatch. "But many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia."

    The trader reportedly purchased about 41,000 bitcoins between February 9 and 12, increasing the balance from 55,000 coins to over 96,000. During that period Bitcoin's price was trading between about $8,600 and $9,000.

    Cryptocurrencies nosedived at the beginning of 2018, weeks after bitcoin reached an all-time high of around $19,500. According to Fundstrat Global Advisors LLC's Tom Lee, Bitcoin may be well off its mid-December peak of $19,511, but it will be touching new highs again by July.    

    Related:

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    cryptocurrencies, billionaire, bitcoin
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