Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News
Ethereum Classic

Peter Schiff: BTC Whales Manipulate Price

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News

The existence of Bitcoin whales is no secret to anyone, nor is their power to manipulate the market. However, people like Peter Schiff widely denounce the power of these Bitcoin whales. The latter was demonstrated on his twitter recently.

What happened on Twitter between Peter Schiff, president and owner of Euro Pacific Capital, and Tyler Winklevoss, co-founder and CEO of Gemini, is interesting since it allows us to think about the real involvement of Bitcoin whales in the market.

Peter Schiff: “Whales like you manipulate the price”

All of this happened a few days ago when Winklevoss tweeted: “The day after Goldman Sachs says not to buy Bitcoin, BTC is up + $ 500” Schiff couldn’t resist and replied.

@tylerwinklevoss Probably because whales like you manipulate the higher price to minimize the importance of bad news. The supply of big fools is running low, and it’s unlikely to include enough institutional investors to maintain the pyramid scheme.

What Schiff says is that when whales see that there is bad news that could affect Bitcoin’s perception, they use their power to manipulate the price and minimize the effect of the bad. Among those who accuse such a practice is Winklevoss himself.

He also took the opportunity to continue insisting that Bitcoin is a pyramid scheme. Peter Schiff has always been among the top detractors of BTC, so his comment is not at all strange. According to him, the “fools” who believe in Bitcoin are running low.

However, these types of accusations should always be viewed with a magnifying glass, since although whales could effectively influence Bitcoin’s price, it is not always the determining factor in their valuation. For this, we always recommend keeping an eye on Whale Alert alerts or on our summary reports of activity of Bitcoin whales.

BTC price manipulated by whales?

Faced with Schiff’s accusation, we decided to analyze in detail the recent activity of Bitcoin Whales and the changes in the price of BTC.

June kicked off with a quick and fleeting rise in Bitcoin above $ 10,000 for the first time in nearly a month as protests in US cities. USA continue to intensify. But, at the time of writing, this publication is around US $ 9,500.

Summary of the recent activity of the Bitcoin Whales, where the accumulation that may have helped drive the price of Bitcoin predominates. Source: Whale Alert

The accumulation of Bitcoin is evident, adding a total of 33,321 BTC taken from exchanges and taken to unknown wallets through 11 movements. The 19,599 BTC accumulated yesterday may have helped propel Bitcoin above $ 10,000.

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News
Bitcoin price weekly chart, showing slight momentum above $ 10,000. In this scenario, the whales continue to accumulate, but to a lesser extent than yesterday. Source: CoinDesk

That brief boost could be the antecedent to a deeper decline, and even the rate of accumulation slowed today. However, we have not seen whales introduce liquidity to the market. If we compare the activity of the whales over the weekend with today, we will notice that the increase in transactions was significant.

In conclusion, it may be that Schiff was correct this time and the whales were manipulating Bitcoin’s rise. However, with today’s crash this may not be telling the story completely.

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News

Get real time updates directly on you device, subscribe now.

, Peter Schiff: BTC Whales Manipulate Price, Forex-News, Forex-News

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More