How the Whales My be Playing this Year's BTC Correction
Yesterday (3/07/18) was certainly an interesting and news-filled day in the cryptocurrency world. Several news items, from an exchange hack spook, announcements from the regulatory world and even the antics of a bitcoin whale, all did their part to spook the market and drive it downward.
In this post we'll look a little closer at the news of the bitcoin whale that had sold some pretty large holdings of BTC. The reality of this news is that this particular whale had been selling large amounts of BTC going back to December. But it was the release of the news about this whale that seemed to have the most effect. Less so the actual selling. Just goes to show how reactive this market can really be.
Looking at the history of this whale is actually pretty interesting and you can read the full account here.
Corrections are Normal and the Whales Playground
As an advocate of cryptocurrency, I'd like to believe that it's a global movement that can empower the average person to participate in the international economy with greater fluidity. But, at the same time we must understand that Whales exist and that they do, very much, control the game presently. Retractions and retracements driven by price manipulation are the potential playground of whales and not likely to be the result of the overall market sentiment.
There have even been some recent articles that go further to describe the Crypto-Whale and the roll they play in the crypto ecosystem. In the opinion of this article's author that goes as far as labeling them a threat, he paints a picture of the whale that can make them easy to dislike. But the fact is that they exist, like them or not.
So what can we do, as the average investor and advocate do to combat the whales? Can the power of numbers turn the tide in the favor of the little guy? You and me.
We need to continue to be advocates and ambassadors of cryptocurrencies for everyone around us. It may be naive or hopeful thinking, but if more people participate in the market, maybe this will take away some of the impact the whales are able to exert.