The crypto sphere this week was rallied by a study that claimed a whale was behind the Bitcoin 2017 bull rush. The term whale commonly refers to a group or individual that holds large amount of Bitcoin.
While the community shared different reactions on the findings, few prominent figures disagree with the findings. An analyst from VanEck, a fund management firm, Gabor Gurbacs shared his disappointment on how academics failed to understand the crypto market structure in a tweet.
The Tether General Counsel, Stuart Hoagner also agrees with Gurbacs, and said that the study has no merit. He stated that the spike was organic and caused by the strong interest from public.
The Whale Alert, a blockchain transaction monitor in Twitter shared that one wallet is holding almost 80,000 BTC, currently valued at $750 million. They claimed that it would cause a great effect if it enters the market.
They also added that the address is currently dormant because there are no transactions detected. The public can only speculate, if the owner is still around, it may be a lost wallet, or an organization waiting for the right time.
Whale Alert believes the potential a whale holds, especially after what happened in 2018. A whale account moved $1 billion worth of Bitcoin to exchange platforms. The Bitcoin price dropped drastically by close to 15 percent.
Therefore, will all the whale accounts move in the future? What will happen to the Bitcoin market? A catastrophe or shifting the market to something we never experienced before?
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A writer, hustler, believer in continuous learning, and believer in creativity can change the world for the better. In Techcryption, Jumali is the Broadcast News Analyst for Bahasa Malaysia and English, covering the 4.0 Industry.