Crypto Whales Spring Into Action Amid the Bearish Trend

Crypto Whales Spring Into Action Amid the Bearish Trend

September 9, 2020

Crypto Assets Worth in Millions Moved

As Coinpedia reported earlier that investors are trying hard to pump the crypto space. The world’s largest cryptocurrency Bitcoin had slipped from greater heights in very less time. It had almost touched the $12000 mark but unfortunately dipped below $10000 too. However, it did not maintain both positions for a long time.

Ethereum too follows Bitcoin closely along with the price fluctuations. Therefore, a number of high-net-worth investors known as whales are moving millions of crypto assets with the market showing signs of weakness.

Nearly 10,000 BTC and 2500 ETH(still counting) has been moved according to the Whale Alert, a blockchain tracker that reports large and interesting transactions. As per the tracker, the transfers took place between unknown wallets and known exchanges.

Whale transactions do happen every now and then, but the impact of these transactions on the crypto market needs to be acknowledged.

Also Read: Ethereum Price Fighting Its Resistance Aiming to Rise Very Soon

Bitcoin Price Pumps Yet Again

The king of the cryptocurrency, Bitcoin which has always been in the spotlight in the crypto space, attracts huge attention due to the vast community outspread across the globe. Therefore, the Bitcoin Whales play a vital role to hold the digital asset above the benchmark. 

As mentioned earlier, hundreds of millions worth BTC and other cryptos were transferred with an attempt to pump the BTC price. As the price showed a downtrend, the whales initiated transfers which might have affected the price to pump again.

Collectively, by following such occurrences, one can have an idea of the possible trend of the digital asset. Many analysts predict a bull rally for the whole crypto space, especially for Bitcoin coming days.

What is your Bitcoin price prediction in the coming days? Tag us with your answer.

Also Read: Swerve, a Curve Finance Fork Surges Profusely With Huge APY



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