•   
  •   

World Bitcoin whales: what are they – and how are they affecting the cryptocurrency's price?

19:43  24 january  2021
19:43  24 january  2021 Source:   businessinsider.com.au

$500,000 in Bitcoin May Have Financed Groups Who Planned Capitol Assault

  $500,000 in Bitcoin May Have Financed Groups Who Planned Capitol Assault Transfer of 28.15 Bitcoins on Dec. 8 to 22 alt-right recipients may have been used to help organize the Jan.6 assault on the the U.S. Capitol, investigators believe. © Scott Olson/Getty The Daily Stormer is a neo-Nazi website that was founded by Andrew Anglin, who also serves as its editor-in-chief. The Bitcoins were valued at more than $500,000 at the time of the transfer.Chainanalysis reviewed the donations after Yahoo News alerted the organization to the transactions on a French crypto-currency exchange.Groups allegedly involved in the transactions include VDARE, a U.S.

a close up of a clock: Single trades can lead to huge changes to the price of bitcoin. Single trades can lead to huge changes to the price of bitcoin.
  • There are around 1,000 individuals, known as whales, who own 40% of the market.
  • Whales have the potential to manipulate the currency valuations.
  • "The big players can easily move the price," crypto-sceptic David Gerard, told The Telegraph.
  • Visit Business Insider's homepage for more stories.

A bitcoin whale is a term that refers to individuals or entities that hold large amounts of bitcoin, according to Investopedia. There are around 1,000 individuals who own 40% of the market.

Whales have the potential to manipulate the currency valuations and, given bitcoin's fluctuations in recent weeks, they are increasingly under the spotlight.

JPMorgan: Bitcoin could climb to almost 150,000 dollars

 JPMorgan: Bitcoin could climb to almost 150,000 dollars The experts at the US investment bank JPMorgan are convinced that Bitcoin could climb to 146,000 dollars in the long term. However, an essential requirement would have to be met. © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images • Bitcoin record hunt • JPMorgan sets price target at $ 146,000 • Growing interest at the expense of gold The Bitcoin has rallied fabulously in recent months and was able to more than triple its course last year.

The Telegraph reported on Friday that, according to industry data, around 13% of all Bitcoin, or around $US80 billion, sits in just over 100 individual accounts. It added that the top 40% of all bitcoin (approximately $US240 billion) is held by just under 2,500 known accounts, out of roughly 100 million in total.

How do whales impact bitcoin's price?

The number of addresses holding more than 1,000 bitcoin is at 2,334, a new all-time high, according to CoinDesk.

Single trades made by such whales can lead to huge changes to the price of bitcoin â€" swamping any movements by smaller investors,The Sun reported.

Bitcoin reached a record high of $US41,973 on January 8. However, on Friday Insider reported that the cryptocurrency was on course for its biggest weekly price fall since September. It recovered to around $US32,170 by Saturday morning, leaving it down about 10% since Monday.

Bitcoin sinks below $34,000 as sell-off cuts into early-January momentum

  Bitcoin sinks below $34,000 as sell-off cuts into early-January momentum Bitcoin sank as low as $US33,412.72 on Wednesday as investors continued to take profits from the cryptocurrency's massive rally. The token reached a record of nearly $US42,000 earlier this month before momentum stalled. Analysts see $US34,000 as a key support level for the token, while a move above $US40,000 could revive bitcoin's rally. Watch bitcoin trade live here. Bitcoin tumbled below the key $US34,000 level on Wednesday as selling continued to drag the largest cryptocurrency below key support levels. The token slid as low as $US33,412.72 before paring some losses. Bitcoin traded at $US34,295.70 as of 11:45 a.m.

Back in November, CoinDesk studied data from crypto exchange OKEx to provide a possible explanation of how whales were able to influence prices as the cryptocurrency soared. "During that bitcoin run-up, institutions and whales were able to buy dips and oftentimes sell when prices went up. That left the majority of the retail investors scrambling to chase the rally," the report said.

David Gerard, author of Attack of the 50 Foot Blockchain and a known crypto-sceptic, was quoted in The Telegraph report as saying: "The big players can easily move the price" because the bitcoin trading market is very thin.... Any one of them could crash it."

There is not a lot of available volume to trade, he said, adding that there were all kind of "trading shenanigans," which would not occur in regulated markets.

What does the future hold for bitcoin?

On Tuesday, Biden's pick for treasury secretary, Janet Yellen, suggested lawmakers curtail cryptocurrencies like bitcoin due to concerns they are mainly used for illegal activities.

Global chip shortage chokes China’s bitcoin mining sector

  Global chip shortage chokes China’s bitcoin mining sector Soaring computer equipment prices are squeezing smaller miners while benefitting big-time players, many outside China.The scramble is pricing out smaller miners and accelerating an industry consolidation that could see deep-pocketed players, many outside China, profit from the bitcoin bull run.

However, a Biden administration could be friendly to crypto, according to Yahoo Finance, given its pick of crypto expert Gary Gensler as SEC chairman.

Insider published an op-ed on Thursday stating that the federal government's signals to cryptocurrency has been confusing.

The article was written by James Ledbetter, chief content officer at Clarim Media and editor and publisher of FIN. It stated: "If the US wants to keep up with the global development of digital currencies, Biden's team must clearly answer some basic questions, like which ones will be regulated as securities, and will a Bitcoin-based ETF be approved?"

It remains to be seen whether these questions will be answered by the administration any time soon, however.

Bitcoin could be like the FAANG stocks for the next decade – but it will take more than the buy-in of the retail army to get it there, an investment chief says .
Bitcoin could become the next "great tech stock" of the coming decade, an investment chief said. But only retail traders buying into the coin won't be enough, according to Skybridge's Brett Messing.The investment chief explained that just like three of those tech stocks were some forms of networks, bitcoin too is a monetary network.

usr: 3
This is interesting!