Lately, many cryptocurrency enthusiasts have been talking about how whales are reportedly manipulating the markets in order to profit from the large volatility of the market. These large investors would supposedly collude in order to make the market prices drop after selling large quantities of coins in the hope of buying them at a cheaper price when the market finally stabilizes.
This week, we have seen an unusually large amount of Bitcoins being bought by a whale. The investor profited from the recent dip in Bitcoin’s price to purchase 41,000 coins. This is a very large sum, adding up to a little over 444 Million US dollars in today’s price. With the recent 60% surge in price in the last couple of weeks, the whale must have smelled the opportunity to make big profits in the coming bull run.
As of now, the identity of the cryptocurrency whale is still unknown. His adress 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 rose from 55,000 to 96,000 Bitcoins in only one transaction.
This large purchase may announce a great bull run in the coming weeks. The investor might have been convinced by the late clarifications on the regulatory actions in the United States and Asia.