• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
bitcoin price whale

Bitcoin Price: Whales ‘Manufactured’ Dump to Accumulate More BTC

Anja van Oosterhout by Anja van Oosterhout
5 years ago
in Bitcoin Price, Bitcoin, News, News teaser
0

Bitcoin price fell below $8000 for the first time in over a week June 4 after several huge transactions appeared to move markets artificially.


BTC Sheds $600 After Coinbase Sell-Off

Data from cryptocurrency exchange Bitstamp painted a volatile picture for bitcoin [coin_price] Tuesday, BTC/USD suddenly dropping $500 in around 90 minutes.

Further losses resulted in a ‘floor’ appearing at just under $7800 before support kicked in, taking Bitcoin back to around $7900 as of press time.

As the fresh bearish signals rattled analysts, some immediately laid the blame at several transactions which seemed to suggest major bagholders were attempting to make extra profit.

According to online monitoring resource Whale Alert, just before the price drop, one user moved around 25,000 BTC (at the time $215 million) from their wallet to exchange Coinbase.

? ? ? ? ? ? ? ? ? ? 25,160 #BTC (213,365,388 USD) transferred from unknown wallet to #Coinbase

Tx: https://t.co/qOcVbVSg0b

— Whale Alert (@whale_alert) June 3, 2019

Afterwards, as Bitcoin price lingered under $8000, two transactions from Coinbase to two new wallets totalled 25,000 BTC. The owner, presumably the same user, had bought back the funds at the new lower price, pocketing the difference – according to Whale Alert, around $10 million.

Unsurprisingly, the reaction on cryptocurrency social media was less than complimentary, with users noting the correlation between the transactions and markets.

“The BTC dump today was completely manufactured,” one Twitter account summarized.

Others were dismissive of conspiracy theories, arguing the activity was simply a result of a free market where ‘whales’ are, unsurprisingly, accumulating more bitcoin.

Bitcoin Addresses Show ‘Big Money’ At Work

The phenomenon is not new. Last month, on May 16, a similar spate of BTC volatility followed several other transactions, albeit involving less value overall at around 12,000 BTC.

Traders will also remember the volatility which occurred during the bankruptcy process of defunct exchange Mt. Gox, which saw a trustee sell huge amounts of Bitcoin and Bitcoin Cash [coin_price coin=bitcoin-cash] on the open market in several batches.

Such moves may continue to be commonplace as bitcoin price continues to rise of its recent bottom of $3100 last December.

As newsletter and research publication Diar noted, the landscape among bitcoin holders has changed since the 2018 bear market flipped bullish. Major accumulation has resulted in “big money” controlling more of the supply.

“Over 26% of circulating supply, $36Bn worth of Bitcoin, now sit in addresses that have a balance of 1000-10k BTC,” researchers wrote last week.

In August 2018 when Bitcoin was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply showing a sharp accumulation of nearly 7% in less than a year.

Market participants will now be waiting to see if Bitcoin can correct upwards from its latest losses, in line with recoveries from other recent upsets such as the Binance hack.

So far, BTC/USD has still delivered overall gains of almost 40 percent in the past 30 days.

What do you think about the Bitcoin price dump? Let us know in the comments below!


Images via Shutterstock, Tradingview.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anja van Oosterhout

Anja van Oosterhout

Related Posts

Ethereum

Ethereum Metaverse Game Immortalizes Rapper ‘The Notorious B.I.G.’

10 hours ago
BlackRock Bitcoin

BlackRock Has Actually Seeded Its Bitcoin Spot ETF, What This Means

12 hours ago
Cryptocurrencies

Cryptocurrencies Fund Inflows Skyrocket To $1.76 Billion, Fear/Greed Index At Pinnacle

13 hours ago
Platypus Finance

Platypus Finance Hackers Acquitted: ‘Ethical Hacker’ Defense Prevails

19 hours ago
Bitcoin

Bitcoin Goes Cosmic: US Space Force Official Labels Crypto As Nationally Strategic

1 day ago
Crypto

Crypto Leaders Sound The Horn: Bitcoin Bull Run Onward, Eyes $100,000 By 2024

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Top 3 Altcoins to Explode in December: BNB, ADA, and QUBE

    7 hours ago
  • Avalanche and NEAR Protocol Displaying Promise, While a New...

    7 hours ago
  • Crypto Race 2023: Rebel Satoshi, Arbitrum, and EOS Lead the...

    8 hours ago
  • 3 Reasons Memeinator Tops List of Altcoins to Watch in 2023

    12 hours ago
  • Meme Coin that Makes an Impact – How Chimpzee Strengthens...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.