Bitcoin price stabilized today after the sharp decline in the past few days. At the time of writing the bitcoin price is hovering above $4,600 mark.
The Bloomberg headline about bitcoin today was: “Jamie Dimon and Warren Buffett Have the Last Laugh on Bitcoin”
It is not worth linking to it for the low-quality coverage Bloomberg is doing for the crypto industry, just citing what Jamie Dimon and Warren Buffet think about Bitcoin.
Other media narrative these days was: “Regulators are cracking down”, “Cryptocurrencies are managed by communities of developers that can get messy”, “Governments could get into cryptocurrencies, and do a better job of managing them”
Meanwhile, media FUD is doing their job some whales took the BTC from the weak hands and transferred it to their external wallets. And here it is the evidence:
10,000 $BTC ($46,462,200.00 USD) transferred from #Bitfinex to Unknown wallet Tx:https://t.co/giADUUoLtf
— WhaleWatch.io (@whalewatchio) November 20, 2018
7,725 $BTC ($35,892,049.50 USD) transferred from #Binance-wallet to Unknown wallet Tx:https://t.co/KA24RWab90
— WhaleWatch.io (@whalewatchio) November 21, 2018
8,888 $BTC ($41,295,603.36 USD) transferred from #Binance-wallet to Unknown wallet Tx:https://t.co/0IQs2c1SYm
— WhaleWatch.io (@whalewatchio) November 21, 2018
10,000 $BTC ($52,402,600.00 USD) transferred from #Bitfinex to Unknown wallet Tx:https://t.co/ZENlUWglOy
— WhaleWatch.io (@whalewatchio) November 20, 2018
We might be safe for now and congratulations if you survived the bloodbath.
Many are looking for the reasons of the most recent decline in bitcoin price. While might be many reasons that triggered the panic selling the outcome is clear many whales bought around 10,000 Bitcoins and took their bitcoins out of the exchanges.
It wouldn’t be a surprise if those who spread FUD now and orchestrated this sharp decline are some of the same who are withdrawing their BTC on the transactions above.
Since the crypto market is not regulated it is easier for market manipulators to affect the market. Maybe we need the SEC help regulating the market so the scammers will get out of business and legit projects will have space to grow.