At press time, the world’s leading asset is trading at $7,068 after a slight decrease of 1.01% over the last 24-hours. Similarly, it is also down by 8.54% over the weekly timeframe.
The price value was close to $20,000 and was close to setting a new all-time high position, but some factors stopped it. In these factors, the role of whales is clear as they sent capital to exchanges in heavy amounts.
Based on on-chain analytical data, whales wanted to take profit from the opportunity and dumped their capital by sending BTC to cryptocurrency exchanges.
But things are in favor of the top digital currency. For example, new Bitcoin addresses are reaching a new all-time high position, and the hash rate of the Bitcoin network has also jumped significantly. The dominance of Bitcoin over other altcoins has also witnessed a clear growth over a recent couple of days.
Dumping of 93,000 BTC
If the flagship cryptocurrency makes a new record in its entire history, it will definitely create an environment of FOMO in the markets, and whales just want to stop this sensitivity in the crypto space. As value was standing at $19,400, on-chain crypto analytics startup, intotheblock, reported whales were busy in sending their holdings to centralized exchanges. According to the given data, more than 93,000 BTC were sent to different centralized cryptocurrency exchanges, including Coinbase since that time.
It is also reported that people who dumped their BTC holding have collected more than $15 billion in profit so far. However, some crypto members have criticized these few actors who only come into the crypto world to take profit rather than benefitting it in adoption at the mass level.
Manipulation of BTC Markets
Financial experts in the traditional world said whales manipulate the markets, and Bitcoin is “the most manipulated asset ever.” They further said it is not a good store of value and does not fulfill the criteria of a currency or a payment source due to its high volatile nature. Famous author Nouriel Roubini stated on sudden price downfall:
“Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value.”
He even claimed that whales make use of Tether to manipulate markets as USDT presents a perfect tunnel for investors to leave crypto markets immediately.
Peter Schiff has come up with another interesting anecdote about the ongoing Dogecoin rally. The meme altcoin saw a rise of