It seems like the Bitcoin whales have a lot to do with the recent prices of Bitcoin and the new 2019 yearly highs, according to a London advisory firm. In times when Bitcoin is sitting close to the $6,000 mark, more action is very expected. However, analysts believe that there are bigger reasons behind simple influxes of money.
For those of you who don’t know or haven’t read about the ‘Bitcoin whales’ term in our latest cryptocurrency news…
As the name suggests, this term is used to describe huge cryptocurrency holders with Bitcoin wallets that hold over $1 billion. These are what’s known as Bitcoin whales – and they are the wallets which put future price targets and moving the market by moving funds in and out of the market.
According to a former Goldman Sachs banker named Per Wimmer (who is also the founder of Wimmer Financial LLP – a London corporate advisory firm):
“The crypto market is dominated mainly by ten big Bitcoin whales or privates. They are massive in the market and take up a lot space and volume so if you take the top 10 or even 50 you will have a lot of the volume covered already. It is too easy to manipulate the market so far.”
Wimmer also has a lot of extensive connections with private capital worlds. As he said, he largely disagrees that institutional players are entering the space – and is instead certain that Bitcoin whales are the ones that are making the difference. His comments are featured on many best cryptocurrency news sites and state:
“Crypto is very niche. It is here to stay and remain for a considerable amount of time as a niche [investment]. There is a degree of validity about crypto. I like the fact it is intimidating governments. I think it is great to have that aspect of it.”
There are a lot of ways through which Bitcoin whales profit – such as the tactic that is known as the “rinse and repeat cycle” which focuses on BTC whales with huge holdings selling Bitcoins lower than the market rate – causing a panic sell off by small-time traders.
According to many analysts, the next spurt may come from institutional money. However, the current state prices are still open to manipulation.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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