Crypto Whales May Be Behind The Current Bitcoin Surge

[ene1980]

Figures from wallet transactions on the Bitcoin blockchain suggest that a few crypto whales may be behind the current Bitcoin surge. For the first time since August 2018, the world’s pioneer cryptocurrency made its way past the $7,000 price point.

When ever the market valuation goes high, i see the same news coming up again and again, there is only two ways for this news, either the whales are behind the rally or they are not, but always the topics start with a speculative tune as they may be behind the current surge in price, even if there are certain people with huge amount manipulating the market for their gains you really cannot control a multi billion dollar market just because of some whales.

[ljane]

Considering the current market price, whales may be the major cause of the surge in BTC but I think others are also buying into the idea of Cryptocurrencies because I can clearly testify it with what's happening in a group I'm part. Now we all waiting for BTC to hit the $8K slowly and then to $10K yeah

[Ray55]

Yes, its possible but i do not see enough reasons for this to happen. why they did not do this before and why right now. anyway if its because of bitcoin whales lets just enjoy the trend.

[misterjo]

the whales are entering bitcoin because there was a change in trend when bitcoin made the "golden crossing" of the EMA, also there were several very positive news, such as the entry of Bakkt, Fidelity, who want to bring institutional capital to cryptocurrencies.

[minersday]

Figures from wallet transactions on the Bitcoin blockchain suggest that a few crypto whales may be behind the current Bitcoin surge. For the first time since August 2018, the world’s pioneer cryptocurrency made its way past the $7,000 price point. Read More here: https://www.cryptofish.com/blog/crypto-whales-may-be-behind-the-current-bitcoin-surge/

How well can you prove that the crypto whales are behind the increase of the market price of Bitcoin? For me, I think and believe that the main cause of this raise is as a result of the fact that a lot of people owning bitcoin are hodling their coins causing the reduction of the amount of Bitcoin in the entire Bitcoin ecosystem and also causing a reduction in the supply of Bitcoin. This further causes an increase in the demand rate of Bitcoin which in the long run affects the market value of Bitcoin..

[waynechong1995]

Somebody is definitely pushing the bull as it seems illogical to have this amount of gains in a short period of time. Like previously the bull doesn't stop until I reach 20k and the correction begins inevitably. Be prepare for losses as hot headed investor doesn't see the point where buys are exiting, always stop losses.

[jseverson]

Somebody is definitely pushing the bull as it seems illogical to have this amount of gains in a short period of time. Like previously the bull doesn't stop until I reach 20k and the correction begins inevitably. Be prepare for losses as hot headed investor doesn't see the point where buys are exiting, always stop losses.

This is my position as well. I suppose we do have some reasons to expect a surge, but I think this run is too much for those, if that makes sense. The rate of growth definitely feels a bit inorganic and unsustainable. I expect a correction in the coming weeks, but I would love to be wrong.

From a different perspective, Bitcoin did grow from $1k - $5k in 2017 alone and hasn't really gone below that level since. You can never really tell.

[LeGaulois]

Why should it not simply be related to the geopolitics, the American tensions with Asia? Other financial markets do the same as BTC. And it often does. Someone mentioned a rumor about a foreign country. Well, why not, to avoid using the dollar? Then, why the country didn't buy EUR, GBP, or any other? What would be interesting to know is what this country is.

[okala]

Whales have always been moving huge amount of bitcoin on a daily basis and I don't believe that is responsible for this rise in the market because moving found within wallets can result into price rise but the injection of found into the bitcoin market is what really matter and that is what increase the demands and which will result in price increase. When you send bitcoin within wallets it add nothing to the price but when fain is injected it result in price increase.

[XinXan]

Why should it not simply be related to the geopolitics, the American tensions with Asia? Other financial markets do the same as BTC. And it often does. Someone mentioned a rumor about a foreign country. Well, why not, to avoid using the dollar? Then, why the country didn't buy EUR, GBP, or any other? What would be interesting to know is what this country is.

Or nothing at all, people and bots are trading every day no matter what the global politic/economic situation is, sometimes crashes and dumps happen for no real reason just like bullish moves can happen for no real reason other than people buying, coincidences, technical analysis indicators, etc.

[TheCoinGrabber]

Likely. At least just e huge transactions triggered this current bullish trend. Of course there are other factors involved as someone has mentioned the increasing uncertainty of economics due to geopolitics.

And if this is purely whale triggered, it's not like we can do anything about it. Either continue holding or only cash out as small portion of your cache.

[dothebeats]

'May be' is an understatement IMO as surely they are the ones who were behind the intlitial stages of the said run. FOMO only caught up lately and up until now they are doing some manipulation on the back lines that's for sure. Right now, there are a lot of factors that can be attributed to the said bull run, one of which is several merchants finally accepting it, Bakkt's tease of launch this coming July and the growing tensions yet again between Beijing and Washington D. C. (trade wars yet again). Halving is also nearing partnered with the projected 2020 economic crash, so yeah.

[gabbie2010]

Figures from wallet transactions on the Bitcoin blockchain suggest that a few crypto whales may be behind the current Bitcoin surge. For the first time since August 2018, the world’s pioneer cryptocurrency made its way past the $7,000 price point. Read More here: https://www.cryptofish.com/blog/crypto-whales-may-be-behind-the-current-bitcoin-surge/

The whales usually manipulate the market to their favour  thus always in forefront to lower the price of bitcoin so as to accumulate more to make profits I believed they have access to some fundamental news secretly which they (manipulators) knew that will pump the price of bitcoin, be as it may they can never be behind any pump in price rather responsible for dumping of the price.

[rachellee]

I also believe the way OP thinks. The sudden surge smells fishy. This might be a bull trap. Many are linking this event to what had happened in 2017, but this could just be another market manipulation. Some people might be behind this and they might be riding the parabolic pattern last 2017, so be wary.

[crwth]

As long as they have money and BTC to trade, they could utilize and put a change in the trend of a market, with no respect with the current condition. That's why Technical Analysis can only increase your chances in predicting what could happen but could it predict the mindset of a person? Specifically a whale? Lol.

Anyways, I think they are still in accumulation mode, and maybe they have a group or something that collectively buys and sells, I don't know where they could have it, but they have a lot of supply to change the market direction.

[niisarearning]

bitcoin surge happens when fiat moves to exchanges and if whales were behind it then you had to look at their bank accounts where they trasfer fiat to buy bitcoin increasing its price, not the bitcoin blockchain!!!

ps. we had 4 huge news today leading to this rise. 5 if you count the price rise and the FOMO itself:
1. Microsoft launching a tool on bitcoin blockchain
2. eBay supposedly planning to accept bitcoin
3. BAKKT announced futures
4. Starbucks, Nordstrom, whole foods now accept bitcoin payments

p.ps. the drop below $6k was whale manipulation months ago. this is just market going back to normal after that manipulation was over.

I do agree but compare to Binance hack and China Crypto Mining Ban what you mentioned are not much effective . Even after Binance hack market is moving upward trend it indicated whales are prepared for next bull run . Not only crypto market am also traditional regulated equity , Commodity investor even this market most of the time decided by Whales. Its hard truth.

[bhabygrim]

There are so many things that could be behind the current surge ,
We have so many great news on Bitcoin and I think it is enough to attract new people to try it and invest in it.
And of course we couldn't also know if the whales also participate on it and made some move to pump the price.