How These 9 Tracked Bitcoin Whale Blockchain Moves Worth $240M May Have Helped The Price Surge
Could 9 Transactions From Bitcoin Whales Be Responsible For Prices Surging?
Bitcoin’s price was struggling to get over the $8,000 USD mark until recently. During the weekend, however, the prices surged again, rising towards the mark of $9,000 USD. At the time of this report, the prices went down a bit again and the token is currently priced at $8,900 USD.
What caused this price surge? Nobody is 100% sure, as it often happens, but there is some wild speculation that some of the so-called crypto whales might be behind the new trend.
Whale Alert, a Twitter profile which is devoted to finding the transactions made by these whales, has started to pick up some major movement on the Bitcoin network lately. Nine huge transactions happened on the BTC network during the weekend and they moved over 27,029 BTC ($236 million USD).
While most of these trades were actually between crypto wallets, one of them was into an exchange. The transactions caused some concerns, as well, as they showed just how easy it can be to manipulate the crypto market in case you hold a huge amount of tokens.
Because of the timing in the transactions, some people have connected them to the prices spiking up during the weekend. One of the transactions, in particular, was really huge. It moved 15,000 BTC (around $199 million USD) in a single transfer between two wallets.
Most of the transactions were between unnamed wallets but one of them was into a Bitfinex wallet, moving 1,500 BTC ($20 million USD). The reason for that may be because the owner was interested in liquidating the assets as the prices are spiking.
One of the main concerns about what happened is that these transactions are said to have affected the market, which created concerns of how prone the BTC market is to manipulation. Unfortunately, it is really hard to confirm that it was these transactions which spiked the price, in part because not a lot of them were made in exchanges.
Regulators such as the U. S. Securities and Exchange Commission (SEC), for instance, have noted that the crypto space is prone to market manipulation because it is so new. Nine transactions making prices spike 10% is a huge red flag, that much is obvious.
Despite the concerns, most people were actually pretty happy since the end result is that the prices went up. Now, Bitcoin is nearer than ever of the $10,000 USD price range, which made people hopeful that we will see the token reaching a far higher value until the end of 2019.