Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: rasangaya on May 29, 2020, 08:34:57 PM
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Bitcoin Whales Prop Up Crypto Markets As Bulls Regain $9,000
(https://i.imgur.com/8BFpmxf.jpg)
According to reports from the santiment data aggregator, Bitcoin whales have been on a Bitcoin accumulation spree since the Bitcoin price flipped and took a downturn six days ago. The data aggregator platform found that top Bitcoin players with a large number of Bitcoin in their possession, popularly known as Bitcoin whales, have shown an increased interest in the cryptocurrency.
This demand has led to the accumulation of a towering 12,000 BTC when converted with the current exchange rate, this equals a staggering $109 million.
The “accumulation movement” reportedly began two weeks after the third and most recent Bitcoin split, the highly anticipated Bitcoin halving event led to the reduction of Bitcoin block rewards from 12.5 BTC to 6.25 BTC. Prior to the halving event, Bitcoin had been experiencing mild instabilities as it dangled between $8,000 and $9,000 since the beginning of May.
Still, the bulls managed to outweigh the bears long enough to push it to the $9,500 mark. In fact, on the 8th of May, Bitcoin almost broke resistance levels of $10,000 when the price hit $9,996.
However, the bears have since been shaken out and bulls have taken the upper hand and remained atop with an increased bullish pressure that has pushed Bitcoin back to previous support levels. At press time, BTC is trading at $9,143 with slight daily gains of 3.46%.
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Of course, the whales always have enough power to do so. Moreover, although price of BTC depends on the market, in fact whales really have big influences to the market. It is sometimes likely under the control.
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The current crypto market trend is still positive and Bitcoin is trading at $9k, it looks like the bullish trend has started and Bitcoin will reach $10k because as I know, besides there are whale members who want Bitcoin at a low price, Bitcoin miners I think can increase the price of Bitcoin with the selling price they want, because Halving Bitcoin has reduced the miner's reward and this will greatly affect the price of Bitcoin in the future.
Below is a chart from CryptoQuant that finds that for the last three months before Halving Day, miners have avoided sales
(https://s3.cointelegraph.com/storage/uploads/view/3199273ace42d523cd5132738c6d71a0.png)
Souce image : https://cointelegraph.com/news/bitcoin-miners-sell-btc-months-after-halving-on-chain-data-suggests
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Whales particularly affect the crypto market, at the moment the value of bitcoin is trading at $ 9500. This value may have been affected by the whales.
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The current price is about $9k, it seems quite stable for a moment. I think whales are preparing for buying again before the next surge. It is normal if BTC price stays at the rate for a while. Then, it may be pumped again by whales. I think it is a common scenario played by them.
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Current price is about $9k, it seems quite stable for a moment. I think whales is preparing for buying again before the next surge. It is normal if BTC price stays at the rate for a while. Then, it may be pumped again by whales.
But what if the other Whales play too?
Will those who have a lot of money feel a loss?
I think if this is something that would be detrimental to the other Whales if of them playing with Pump and Dump.
The main capital may be patience but capital for profit and loss is a lot of Bitcoin.
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I think if this is something that would be detrimental to the other Whales if of them playing with Pump and Dump.
Pump and dump are always there. In every exchange, it is possible to play by whales. But we don't need to blame whales if we get losses. They don't only contibute in moving up the Bitcoin price to lower rate but it also helps the Bitcoin price to increase. So, we are as a common investor, just need to follow it well.
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I hope the Bitcoin price will be over 10,000 USD this month. I think it is possible with the current trend. This month is a good time for Bitcoin to increase high as some membres stated that. I agree with that even if there is no guarantee at all.
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Whales particularly affect the crypto market, at the moment the value of bitcoin is trading at $ 9500. This value may have been affected by the whales.
So do you think whales still wait for the time to pump the price of Bitcoin? I know that whales have a big role to give impacts in crypto market. But I don't know when the rising because of pump by whales and when the rising happens naturally.
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I am curious about crypto prices, why the current trend in crypto market is always about pump-dump. Has crypto market controlled by whales? If it already happened, then crypto market isn't decentralized anymore. Crypto market should be decentralized and NOT for whales only.
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But what if the other Whales play too?
Will those who have a lot of money feel a loss?
I guess there are many groups of whales in the world. They also compete with one another, it is the same as traders. So, not all whales can get profits, some also can get losses. But they may have a certain way to keep their funds safer.