RATE Group | Are whales controlling the price of Bitcoin? New report weighs in
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Are whales controlling the price of Bitcoin? New report weighs in

08 Nov Are whales controlling the price of Bitcoin? New report weighs in

Posted at 09:17h in Cryptocurrency News by

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Price swings in Bitcoin and other cryptocurrency markets continue to perplex traders and analysts alike, and a plethora of explanations have been put forward to explain them. 

News developments? Check. Technical analysis? Check. Retail investor enthusiasm? Check. 

But a different explanation for crypto price movements has earned the spotlight in recent days: Whales—individuals and organizations with large crypto holdings.

According to a new report from SFOX, a crypto trading platform, the effect of whale traders on crypto markets is alive and well on markets. The report includes an interview with Frank Weert, co-founder of Whale Alert, a site that tracks wallet movements for cryptocurrencies worth more than $50 million. The site identified transactions involving whales that contributed to a slump of more than 20 percent in Bitcoin’s price from October 21 to October 22.  

The report’s publication comes on the heels of a recent Bloomberg report citing an academic study that…

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