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Home Markets Cryptos
BTC wallets, Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Answering the big Bitcoin question - buy, sell or hold?, Bitcoin hits a 12-month low, Bitcoin price under pressure, stays under $7000, How to protect your bitcoin from hackers, Bitcoin Whales Gathering More Bitcoins, Waiting For the Bullish Run, Bitcoin is scarce, entities, individuals hold for long term, How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria

Bitcoin

BTC whales on the rise, as COVID-19 changes Bitcoin’s status quo

Olumide Adesina by Olumide Adesina
3 years ago
in Cryptos
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Despite Bitcoin’s failure to break an important resistance level, as observed since the beginning of June, data from Santiment Research Company shows that the number of BTC whales have continued to go up.

Roughly 67 new addresses containing 100 to 1,000 BTC have joined the network since June 3.

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Despite the erratic price behavior seen since the beginning of the month, data from @santimentfeed reveals that the number of $BTC whales continues trending up.

Roughly 67 new addresses containing 100 to 1,000 #BTC have joined the network since June 3. #Bitcoin pic.twitter.com/82BiRMoSYE

— Ali Martinez (@satoshilatino) June 12, 2020

Bitcoin Whales are generally BTC market players with high amounts of BTCs in the Bitcoin market. The BTC whales usually have 100 BTC or more.

READ ALSO: Halving: Bitcoin whales gather more BTC, waiting for bullish run

Why these are important: As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

Meanwhile, as countries around the world continue to feel the impact of the coronavirus pandemic, global central banks are printing more money in a bid to stimulate economic activities. These measures have undoubtedly lowered the value of fiat currency.

To gain a better understanding of COVID-19’s impact on Bitcoin, Yoni Assia, CEO of eToro, explained in detail how the world is turning to Bitcoin since the pandemic caused a severe global financial market downturn. He said:

“Since measures were announced by the Federal Reserve to introduce unlimited quantitative easing in an attempt to stem the downward spiral of global economies, many investors have turned to Bitcoin as a hedge against a depreciating dollar.”

READ ALSO: Bitcoin: Nigeria’s new goldmine

Wayne Chen, CEO of Interlapsen, said that bitcoin’s status had changed to become a safe haven asset, “The coronavirus has undoubtedly supported Bitcoin as a safe haven and a store-of-value asset. During any economic uncertainty, people immediately divert to alternative assets such as gold, and now Bitcoin to prevent currency erosion.”


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Tags: BitcoinBTC whalesBusiness NewsCryptocurrency
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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