Since three days ago, the page of Whale Alert has reported movements very specific to Bitcoin. At this time it was even mobilize an incredible amount of 18,000 BTC; followed by the smallest movements. Also, in the same time the rise in the price of Bitcoin over $ 8000, coming in to spend the $ 9000 on the day of today, only leaves us with the question of whether whales Bitcoin have influenced this rise, or it is simply a coincidence. Everything seems to indicate that in the financial world and the of the cryptocurrencies the coincidences are a myth, and there is certainly a relationship between the actions of the whales and the rise in the price of Bitcoin, at least to some extent.
Contents
Background
During previous days, the whales had a kind of mobilization of capitals in particular, that is to say, they had been moving stablecoins more than anything else, including Tether and USDC. If we delve into that reasoning, the whales were accumulating these coins on exchanges and change them when they consider it appropriate. The whales will very likely placed their coins on exchanges to exchange them for other cryptocurrencies or by dollars, therefore, there was something behind these movements. In parallel, the demand of Bitcoin didn’t seem to be a lot, even when its price was relatively low and expected to go up in a few days for the future of Bakkt.
Changes in the movements of the whales Bitcoin
Quote of Bitcoin in the last 24 hours however, when Bitcoin reached its floor of the last days and came to $ 7363.45 the 24th day of October some movements from exchanges to wallets unknown by whales Bitcoin were observed. Strong movements of the whales Bitcoin Then, on the 25th of October when the price reached the $ 10,000 again the whales mobilized assets to exchanges, perhaps to take advantage of the returns of that climb is fleeting and quick. Movements of whales Bitcoin on exchanges today, the whales Bitcoin have made movements smaller and less consistent. In addition, there is a trend towards the accumulation or sale. But because even though it raised the price, has not been defined a tilt clear. Most movements of the whales Bitcoin This increase of demand of BTC by a whale-Bitcoin, despite being in a relatively small percentage, could have functioned to increase the price of Bitcoin. However, it was not the most decisive factor, since according to some analysts the future of Bakkt that exceeded the volume of the 1000 BTC, and even the statements of Xi Jinping on the possibility that the government of China to develop a blockchain, they could have contributed more to the increase in the price of Bitcoin.
Future prospects
Forbes and Bloomberg have published articles on the possibility that the price of Bitcoin vary significantly in the short term, catalogándolo as something imminent. But, at the same time, they underline that there is a situation of uncertainty about the direction that will lead to such variations in the price. Therefore, the whales are waiting for the best moment to make their appearance either to sell or to withdraw their Bitcoin in the market. In the meantime, are still opting for the mobilization of stablecoins to a greater extent. The following two tabs change content below. A degree in Liberal Studies from the Metropolitan University. Lover of innovation and a believer of the technology for the future.