ETH, BCH, and XRP Plunge 13% as Bitcoin Dips to $6,250: Factors

Chainalysis Research: Bitcoin Whales Not As Deadly As Some People Think

Chainalysis Research: Bitcoin Whales Not As Deadly As Some People Think

Yuji Nakamura, a technology-based journalist states that "The drop in the price of Bitcoin in the past 24 hours has been triggered by the traders from Japan and South Korea".

After having fallen 4.26% on Thursday to $6,289, Bitcoin declined further on Friday morning to trade at around $6,278.

According to CNBC, in a study released earlier this, Mr Holden said: "If Bitcoin can not make gains in such favourable circumstances, then it is unlikely to prosper as and when these issues are resolved". The second group of 15 wallets comprised mainly of miners and early adopters in charge of 332,000 coins was relatively action-free except for the occasional sales when bitcoin prices skyrocketed from 2016 to 2017. Also, they note that "while these trading whales certainly have the capability of executing transactions large enough to move the market, they have, on net, traded against the herd, buying on price declines".

Trading whales actually purchased bitcoin during the price dip that occurred around December 2017 and in most of 2018 and did not sell in huge volumes in 2016 and 2017. Ripple (XRP) has been bearish in the last seven days.

Bitcoin will open November at above $7,300; Ethereum at $288 and Bitcoin Cash at $440.

"I'm surprised people think bitcoin can never reach its old highs".

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Criminal wallets make up the last category in the list, consisting of Silk Road entrepreneurs and money launderers who hold 125,000 BTC, or $750 million, on their now-locked wallets. By comparison, there are more than four billion Visa cards. Bitcoin has always seen a boom and a steep downfall in its prices making it less reliable.

"Continued rapid growth of crypto assets could create new vulnerabilities in the global financial system", the worldwide Monetary Fund said in a recent report.

The world's largest and most widely owned digital asset began its slide Wednesday evening and fell below $6,200 for the first time in a month, according to data from CoinDesk.

Economist Nouriel Roubini, who predicted the 2008 financial crisis, has also warned about virtual currencies. During a hearing with the US Senate Committee on Banking, Housing and Community Affairs on Thursday, Roubini said, "Crypto is the mother or father of all scams and bubbles". They say that their data "demonstrates that Bitcoin whales are a diverse group, and only about a third of them are active traders".

The price of Ripple (XRP) has been falling over the last three weeks, despite the increased mainstream adoption of the coin. Countries like Switzerland and the United Arab Emirates are looking to become hubs for cryptocurrency businesses, while other nations like China have come down hard on the industry.

Recent data from a separate study also shows that bitcoin whales and institutional investors often prefer to buy and sell cryptocurrency using over-the-counter (OTC) transactions instead of dumping large amounts of cryptocurrency on a variety of exchanges.

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