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Bitcoin whales have the ability to control the value of the currency. Getty Images/AlexSava What is the definition of a bitcoin whale? According to Investopedia, a bitcoin whale is a person or entity who owns a significant amount of bitcoin. There are about 1,000 people who own 40% of the stock market. Whales have the ability to manipulate currency valuations, and considering bitcoin’s recent volatility, they are coming under increased scrutiny. According to industry data, around 13% of all Bitcoin, or around $80 billion, is held in just over 100 individual accounts, according to The Telegraph. It goes on to say that just under 2,500 identified accounts, out of a total of roughly 100 million, hold the top 40% of all bitcoin (roughly $240 billion).
What effect do whales have on bitcoin’s price?
According to CoinDesk, the number of addresses carrying more than 1,000 bitcoin has reached a new all-time high of 2,334.
The Sun claimed that single trades by such whales can cause massive shifts in bitcoin’s price, swamping any movements by smaller investors.
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It goes without saying that the more of a particular cryptocurrency you own, the more you’ll be influenced by price fluctuations. As a result, holders of large quantities of Bitcoin, Ethereum, Ripple (or any other cryptocurrency), also known as “whales,” have a vested interest in keeping the price of that asset as low as possible. For example, it is not in a whale’s best interest to allow the price of a currency to rise above a certain amount until they have amassed as much of that currency as possible. As a result, whales often build buy and sell walls in order and try to control the price of a currency.
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WhaleCoin developed a new hyper aggressive complexity adjustment algorithm that increases or decreases the difficulty of each block by +/-10% depending on whether the previous block occurred faster or slower than the target time.
Whale is a decentralized social network that is driven by a simple cryptographic blockchain that is mined. The social network offers a variety of positions, the most notable of which is the “Whale” role, which is granted to any user who has at least 1,000 tokens. Whales will have the ability to control how blockchain incentives are distributed since the total number of Whales on this network will still be small. The incentive system will be set up in such a way that “Followers” will try to obtain approval from Whales, who will then use their power to manipulate the blockchain to give them rewards.
“We can see that the game changed in December 2020. Institutional accumulation began as BTC price exceeded the previous cycle’s ATH of $20,000 and market trust increased. This began in December with a withdrawal of 37,400 BTC.
As tens of thousands of coins were collected per month in the months that followed, an extraordinary stair-stepping ‘whale cost averaging’ trend emerged. The quality, pace, and magnitude of this balance shift are amazing to see in on-chain data, and it really shows how aggressively institutions have been accumulating this year.”
Despite Bitcoin’s rising price, US institutions continue to be a big force behind the current bull market, as they take out thousands of BTC, according to Glassnode’s map. 170,800 BTC were removed from Coinbase in the first three months of 2021, despite Bitcoin’s over 100 percent increase from $28,873 in January to $58,618 at the time of writing.
Institutions in the United States aren’t the only ones accumulating Bitcoin. Quant analyst Lex Moskovski shares data from Glassnode indicating that the net position of Bitcoin miners has turned positive, indicating that miners are keeping more Bitcoin than they are selling.