Wednesday, October 27, 2021
HomeNewsBitcoin Could Benefit From Crypto ‘Whale’ Extinction: Report

Bitcoin Could Benefit From Crypto ‘Whale’ Extinction: Report

In a recent interview conducted by crypto trading platform SFOX, Whale Alert co-founder Frank Weert said that the effect of so-called crypto “whales,” or individual entities who control large amounts of cryptocurrency, can still have a profound effect on the price of cryptocurrency at this particular moment in time, more than 10 years after Bitcoin was invented.

Indeed, Whale Alert was created specifically to track the movements of cryptocurrency whales and report them to the cryptocurrency community as a whole, a whale transaction, by Whale Alert’s definition, is any market movement of more than $50 million in assets at one time.

London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now

Mati Greenspan, an analyst at social trading platform eToro, told Decrypt that he also believes the findings of the report to be “emphatically false,” and pointed to the large number of new registrations on eToro during the 2017 crypto craze as an example of this: “we had so many new clients that we went into emergency reactive mode,” he said. eToro saw a 1000 percent surge in registrations during the third and fourth quarters of 2017.

RELATED ARTICLES

Most Popular