Anyone who has been around in virtual currency for some time knows who and what are crypto whales. As well as what they are capable of. Now they seem to be planning something again. When such “players” move cryptocurrency means, it is usually not unreasonable. What are they preparing now?
Bitcoin whales are market participants who are able to directly influence the cryptocurrency market as well as price developments. Such large actors involved include institutions or strong individuals. They have huge amounts of cryptocurrencies on their accounts. And it is thanks to them that they often start avalanche reaction of fall or growth.
In the past 24 hours, Whale Alert has recorded approximately a dozen transactions, totaling nearly 16,000 BTCs. This is worth nearly $ 100 million. These transactions took place with the participation of such major exchanges as Binance, Poloniex, Bitfinex, OKEx and Coinbase.
When on March 12 the price of the BTC faced a sharp decline of about 50 percent of its value, it managed to almost partially erase the loss almost immediately. Traders agreed that an accumulation period would be much better for price developments than an immediate increase. The above transactions could signal that investors are currently actively accumulating BTC, although some could also simply sell their funds.
Bitcoin is currently trading in the $ 6,200 area. Some popular Twitter traders are sarcastic about the current BTC price and claim that we can trade Bitcoin for a very long time around this level.
#Bitcoin is making it very hard to be a perma bull.— Mayne (@Tradermayne) March 28, 2020