RATE Group | Analyst Claims Whales Are Driving BTC Price Swings
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Analyst Claims Whales Are Driving BTC Price Swings

22 Feb Analyst Claims Whales Are Driving BTC Price Swings

Posted at 09:15h in Bitcoin News by

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Bitcoin has been experiencing heightened volatility over the past few weeks, and it’s likely due to the reemergence of whales according to one source.

The Whales Are Back in the Picture

Bitcoin whales are individuals who house several million dollars-worth of cryptocurrencies in their digital wallets. Often, they possess so much in a single account that the slightest maneuver of money could potentially cause the entire industry to suffer a shift of some kind. Usually, the cryptocurrency industry experiences heavy dips or meteoric rises. It all depends greatly on what gets moved and where.

Bitcoin, for the most part, has been relatively volatile since early January. The currency initially started out below the $7,000 mark, but ultimately spiked thanks to rising geopolitical tension between the United States and Iran, CME Group’s introduction of bitcoin futures options, and rising fears of the coronavirus in China.

However, bitcoin’s primary moments of volatility for 2020 have been…

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