Do whales really control the market, or is that a myth

[newbie-hero]

Is there any evidence that these mysterious 'whales' really control the bitcoin market, or is this a myth generated as people try to understand why bitcoin prices go up and down?

Not a myth or a figment. Given that bitcoin which is not authorized by government legal entities, has made it vulnerable to manipulation by a group of big whales. Large whales are more camouflage they can be behind anyone, for example CBOE, exchange sites or companies, etc.

It is the truth. When a small group of people concentrates the biggest part of all the existing Bitcoins for today, they can easily control the market and the crypto prices.

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[thankyoulord]

This can't be myth nor wrong. In every market, there are whales and the elephants that influence the market against the will and control of the masses. It's so in betting business, in forex trading (though very minimal that it can be proven), in the casino businesses and so on. So definitely, the bitcoin market isn't different at all and since it hasn't been regulated by a very strong body like government and its officials, the possibility of it being manipulated is high

[ShadowYounger]

Yes it's true that people with huge amounts of Bitcoin can create certain market movements when they sell or buy the coin.

[cramcram21]

People with a huge amount of Bitcoin could create a sudden move from the market .
And once the people notice it that could create a chain reaction .
Investor could follow their move and it would be a huge impact for the market.

[Mandarava]

I think that this seems to be true. Those corporations or individuals who have a lot of Bitcoin and ethireum - can really influence and control the market. To do this, they do not need to make great efforts because they have large sums of money at their disposal.

[candra raditya]

I don't think so, the whales can't control the market because the market is too big to control, but the whales can manipulate the market to get the profit they want.

[conanmori]

Control is not the right word to described it "manipulate" is the best term for it. As whales have so many coins they do a single transaction in one wallet too manipulate the price of the coins. Then normal trader will join the flow and whales will keep it up until he reached the certain price they want. You can literally imagine this.

[cizatext]

The whales does not control the bitcoin market what control the market is the force of demand and supply and what the whales does is to try to spread negative news in other to influence the decision of the users to rush into panic and rush into selling off their hoding and at the end lead to market crash.

[melallgarant2015]

Whales can't control Bitcoin but manipulate the price with Rumour to cause panic and that might serve as opportunity for them to acquire more. I believe it will get to a stage where Circulating supply

[Jahmal32]

Is there any evidence that these mysterious 'whales' really control the bitcoin market, or is this a myth generated as people try to understand why bitcoin prices go up and down?

Maybe there is. But then again - it's just a theory, as is the theory that the world is ruled by several influential families. The market is manipulated-and quite easily! Plus, there are a lot of bots trading on crypto-currency exchanges, arbitrage bots, which can be programmed to push the price in one direction or another. There may be a certain collusion, but it does not always work! Market factors which arise subsequently, error, panic sales, or HYIPs which give a snapshot of growth is impossible to predict, and they emerge naturally.

[jekanmasin]

Is there any evidence that these mysterious 'whales' really control the bitcoin market, or is this a myth generated as people try to understand why bitcoin prices go up and down?

Maybe there is. But then again - it's just a theory, as is the theory that the world is ruled by several influential families. The market is manipulated-and quite easily! Plus, there are a lot of bots trading on crypto-currency exchanges, arbitrage bots, which can be programmed to push the price in one direction or another. There may be a certain collusion, but it does not always work! Market factors which arise subsequently, error, panic sales, or HYIPs which give a snapshot of growth is impossible to predict, and they emerge naturally.

I dont think it just a theory. You can see over in bitcointalk peoples are making their pump group gathering their army to pump the coins up. Choose some low market coin and pump it up and dump it are not that hard right. If it bitcoin they need like billion to pump it up and that not impossible also. So the rich are getting rich the poor will suffer from the act. It will the same forever.

[cryptodaddy981]

from my point of view i suggest that while bitcoin whales may be big and somewhat mysterious,they have less of an impact on market prices that many people believe.

[Chrystora123]

not just a talk (Myth) price movements of cryptocurrencies are indeed manipulated by the Whales group, the goal is to attract investors, giving them profits and making markets like life...maybe what I say is not all true, it's just that it's based on what's happening in the cryptocurrency market... CMIIW

[SunGod-1]

I wouldn't say they control the market but rather market sentiment is driven in large due to the "herding mentality". These trends can be initiated by news, alternative media platforms or whales but it’s the accumulative traders, investors, speculators, trading bots etc that follow through with that particular trend.