- Bitcoin’s recent whale transaction probably initiated a significant price plummet.
- Unlike Bitcoin, the last huge transfer made by Ripple XRP whale was quite favourable.
The activities of Bitcoin whales in the cryptocurrency sphere have been so perpetual. Many crypto pundits believe that the growth of crypto assets lies in the hands of capital investors. A recent huge transfer of 25,160 BTC ($213,365,390) has been hinted, and it has obviously left Bitcoin market price in devastating shape.
Bitcoin whales’ activities in the crypto space has been known for its two way effect on the price of crypto assets, sometimes it favours the market and vice versa, depending on the mode of transaction.
Crypto whales are investors that accumulate large percentage of a digital coin. The accumulation could be of Bitcoin or any other cryptocurrency. They are generally termed as market controllers, due to the impact they exact on the market once they decide to move their hodling or issue a statement on the market.
Bitcoin was still trying to maintain a good shape below the $9,000 resistance level few hours ago. Suddenly, the crypto king, BTC, displayed its usual volatility feature and dropped below $8,000.
At press time, Bitcoin is trading at $7,907.85, with 7.6% price plummet in the last 24 hours. Within a twinkle of an eye, BTC lost about $600 from its value to bears.
This magnificent price drop is not limited to Bitcoin alone, as other top cryptocurrencies bowed to BTC’s market dominance, including Ripple XRP, which has been proving independent of BTC for quite some days now. Only Bitcoin SV (BSV) displayed a bit of rigidity.
The Bitcoin (BTC) Whale Transaction that Probably Impacted the Crypto Market
The Bitcoin (BTC) whale alert was jingled by a website that specialises in monitoring the huge transactions in the cryptocurrency market.
A transaction of 25,160 BTC which worth about 213 Million US Dollars was effected at about 8 hours 23 minutes ago (Mon, 03 Jun 2019 22:37:57 UTC).
The transfer was reportedly made once from an unknown address to a Coinbase Exchange wallet. A devastating impact of the transaction was arguably noticed on Bitcoin (BTC) price and other cryptocurrencies instantly as the plummet down the red sea.
Recent Ripple XRP Whale Transaction Turned out to be Favorable
Ripple XRP is also not left out of whales’ transactions saga, but the recent huge transaction of Ripple XRP’s whale was an obvious favourable transaction.
In a whale transfer notified on May 30, 2019, a voluminous transfer of 187 million XRP, which was approximately $83.20 million at the time of the incident, was noted.
The transaction was reportedly made from Ripple wallet address starting with r9wz7 to various unknown wallets via 14 different transactions.
The aftermath effect of the transaction which was expected to leave negative impacting on XRP, rather turned out to favour the price of the digital currency.
Contrarily, the recent Bitcoin whale’s activity has negatively imparted majority of the cryptocurrencies in the market. Almost all the top 10 digital assets have lost at least 7% of theirs prices in the last 24 hours. Crypto projects like Ripple XRP, which has been proving formidable in the market recently are expected to bounce back, and stand to grow up prices independently.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.