Rupali Soni
Image Credits: Getty Images
Amid the constant plunge in the crypto market, here is good news for the industry. The Bitcoin supply held by the ‘whale entity’ rose over 80,000 to 4.216 million Bitcoin this weekend which was running at 1,000 to 10,000 since May. This is the highest level the cryptocurrency reached since May and hence indicates that the wealthy investors and back to the bitcoin market after the price drop.
Bitcoin holding at Whale Entities suddenly rose on Monday and remained constant on the weekend. These new milestones by the Whales are great news for crypto geeks, as the presence of these grand investors matters a lot to the crypto industry. These whales of crypto also played an important role in boosting the value of bitcoin from $10,000 in February 2021 to $60,000. However, these investors began to sell their crypto holdings within few months their stash dropped by 8% which was a jerk for the Virtual currency market, and hence, the market didn’t move ahead of $60,000 since then.
Due to the crypto crackdown at China, the crypto industry is going through a rough phase, but with the comeback of Crypto whales, now the crypto enthusiast can hope for good times to come. Looking at the trend of the past few months, it seems clear that the small investors do not hold the power to influence the market much, or we can say heavy lifting is not their cup of tea. Cryptocurrency is highly volatile and its market moves every other second. Not just the investors, but the influencers like Tesla CEO plays a major role in the movement of the crypto market.
Where in the past few months, the digital currency rose to its peak and made a record of $64,801 in April, on the other hand, bitcoin also saw its lowest in the same months. Especially in the month of May, the currency fell by 35% and plunged even lower in the month of June. Now, as the investors are returning to the industry, it seems that there will be no more plunging in the industry. Currently, Bitcoin is trading at a 2.3% gain which is $35,000.
What are Whale Entities?
The Investors who hold the maximum amount of coins of a particular cryptocurrency are called Whales in the crypto world. As they own a large part of the currency, they have the power to manipulate the market.