A Bitcoin whale activity had earlier been reported on this news channel. A huge transaction of 25,160 BTC ($199,023,902 at press time) was hinted. A fresh insight to the incident revealed that the unknown whale took it chance to play the system by selling and rebuying the likely amount of the digital coin, garnering about $10 million in a very short while.
The importance of cryptocurrency whales to the consistent price growth of all the digital currencies cannot be underestimated. Once they make their calculated decisions, retail investors have to bear the consequences.
A host of transfers had played out in the past, where Bitcoin whales moved larger quantity of BTC, subjecting the crypto market into abject price plummet, due to dominance exhibited consistently by Bitcoin.
Manipulative Bitcoin (BTC) Whale Dumps and Rebuys about 25,000 BTC
A manipulation or business strategy of a Bitcoin whale has been noted. A couple of hours ago, a huge transaction of 25,160 BTC totaling 213,365,388 US Dollars before the bear took down the price of Bitcoin (BTC).
Before the transfer was made, Bitcoin (BTC) was trading at above $8500. The whale could have calculated the impact and purpose of the voluminous transaction, as Bitcoin and other digital currencies magnificently dropped price within few minutes.
After the price plummet was significantly noticed, and Bitcoin (BTC) settling below 8,000 US Dollars, two consecutive transfers were reportedly made from Coinbase exchange, with a total of 25,000 BTC to new addresses.
The owner of the asset is assumed to have calculated the market trend, and made the re-buying after Bitcoin (BTC) dropped about $600 of its market value. The whale reportedly made about $10 million in a very short interval.
A twitter user also made a short description of the “to and fro” of the fund, tagging the sudden bear market as “manufactured”.
“The BTC dump today was completely manufactured: About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet…”
The consistent activities of Bitcoin whales could be tagged manipulative, but cryptocurrency sphere is an obvious free market. They possess the right over their assets. Trading their funds any time is freewill, but for how long would these notable moves continue to impact the market?
Bitcoin (BTC) in the Market
Bitcoin (BTC) is beginning to gather momentum to soar again, but nobody knows how long it will take it to go further, and cover the deficit. At the time of filing this report, Bitcoin is trading at $8,012.76, with 5.63% price drop in the last 24 hours. BTC has once again displayed the fact that the whales own the market.