Chainanalysis is a well-known cryptocurrency analysis firm which recently showed that over one-third of all the Bitcoin in the world is in only 1,600 wallets. The news was reported by The Express later on – and surprised many of the Bitcoin aficionados.
What’s most interesting is that the aforementioned 1,600 wallets all have more than 1.000 BTC each – and 100 of these have over 10.000 BTC, according to the report. At current market prices, 10.000 BTC is equivalent to $75 million USD which is by no means a figure to scoff at.
The Chainanalysis chief economist, Phillip Gladwell, has stated the following:
“This concentration of wealth means that bitcoin is at risk of volatility as the moves of a small number of people will have a large price effect.”
This statement led to many worries, mostly because of the Mt. Gox trustee which has been dumping thousands of Bitcoin on public exchanges, fueling Bitcoin’s short-term bearish trend. However, further analysis has also shown that some of these ‘whales’ have not moved their BTC in years, leading many to believe that a few of these wallets are owned by unlucky individuals who have lost access to their Bitcoin.
In addition to this, the analysis showed that the amount of Bitcoin held by long-term holders has been decreasing, mostly because of the volatility of the leading cryptocurrency. This basically means that there has been a shift in power dynamics.
Still, Bitcoin is not the only cryptocurrency ‘suffering’ from this trend. According to an analysis done by Reddit users, the top 10 EOS wallets hold around 50% of all the EOS coins (496.735.539 coins).
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
Join us on Facebook
- 16% Of The Biggest Crypto Exchanges Got Rated A Or A-
- Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
- New Crypto Wave Will Focus On Stablecoins: Swiss BTC Association Board Member
- Using A Fake BBC News Page, Cybercriminals Managed To Generate Bitcoin
- Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
Altcoin News4 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News2 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Altcoin News3 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Ethereum News3 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Bitcoin Scams2 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News3 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Blockchain News4 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus