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Did these few whale transactions worth over $250m spike Bitcoin price?

BTC large transaction cause spike

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TL;DR

Bitcoin price started surging and went briefly above nine thousand dollars ($9,000) today on the 27th of May, 2019. The probable reason for the abrupt surge in the price can be connected with the nine big transactions of value two hundred and thirty-six million dollars ($236).

In past weeks the Bitcoin was striving to break the resistance of eight thousand dollars ($8,000) and attain a constant position to stay above this level.

Most of the transactions were made on the wallet, however, one transfer was on the exchange too. So, it is quite evident that market trends can easily be altered with capital.

The Twitter account ‘Whale Alert’ exposed that as these nine transactions were made frequently and within no time, hence resulted in the surge in the price of Bitcoin.

One user actually moved from one wallet to another fifteen thousand Bitcoins (15,000BTC) of value one hundred and nineteen million dollars ($119m).

The purpose of transfer via an exchange is still not clear, however, the sellers are always searching for the time when the market of crypto-world is bullish.

It was revealed that almost one thousand five hundred Bitcoins (1,500BTC) were transferred to Bitfinex.

The abrupt changing dimensions of crypto-market by just nine transactions is somewhat alarming and concerning.

It indicates that this market is not mature enough to stabilize its trends over a long time. It shows that the market is prone to manipulation and exploitation. It should be noted that these surging trends have caused people excited and not fearful.

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Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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