Bitcoin (BTC) rose in a straight line towards $ 9,000 yesterday, after the bitcoin rate struggled to stay above $ 8,000 for a while. Although there seems to be no very clear reason for the increase, the Twitter account “Whale Alert” was remarkably busy in the run-up to the increase.
Nine bitcoin transactions added together accounted for no less than 29,029 (BTC) worth $ 236 million. Most transactions were from wallet to wallet, but one of the transactions went towards a cryptocurrency exchange. A transaction that may offer insight into the motives of someone with a lot of money. At the same time, it illustrates once again how easy it is to manipulate the market if you have enough money for it.
15,000 #BTC (119,609.806 USD) transferred from unknown wallet to unknown wallet
– Whale Alert (@whale_alert) May 26, 2019
Another transaction was one of 1,500 BTC that was sent to Bitfinex. Despite the guesswork, it is not inconceivable that the owner wants to sell his or her bitcoin now that prices are rising.
If such transactions have so much influence on the bitcoin market as a whole, that is worrying for many. Keep in mind that there is not necessarily an evil intention involved in sending this type of extremely large amounts. This is reason for the Securities and Exchange Commission (SEC) to be skeptical about cryptocurrencies.