This dominance of BTC whales, professional traders in the Bitcoin market cannot be overlooked. They are the most important players to large market movements in the BTC market, such as those levels seen during Bitcoin’s dramatic price decline in March as the COVID-19 pandemic intensified around the world.
“The data shows that the majority of bitcoin is held by those who treat it as digital gold: an asset to be held for the long term.”
“With more people looking to trade bitcoin, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,” Chainalysis researchers wrote.
Why you should know BTC whales:
In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning that 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.
Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;
“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:
“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.
“Another 20% hasn’t moved from its current set of addresses in five years or longer. We consider this lost Bitcoin. That leaves just 3.5 million Bitcoin or 19% of all mined Bitcoin that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.”
At the time this report was drafted, Bitcoin was still trading below the $9500 support levels, as investors, traders have kept buying BTC at these support levels in the past three weeks.
Recall that Glasscode, a crypto analytic firm recently said, “the price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales.”
“However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” it added.
It’s also important to note that BTC whales tend to sell their huge stacks of BTC on the BTC market when crypto exchanges are quiet in order to attract attention, the CEO of on-chain analysis provider, CryptoQuant, Ki Young Ju, who had been studying BTC’s trend had said.
— Ki Young Ju (@ki_young_ju) June 16, 2020
Crypto; Tron’s founder offers $1 million bounty in finding BTC Twitter hackers
The Giveaway scammers pulled off the hack of the year, but only managed to make $58,000 USD.
Following a huge amount of breaches on many top global brands, having their Twitter accounts tweeting about a BTC giveaway, Tron founder, Justin Sun has put a bounty on those responsible for the attacks.
In a recent interview with Cointelegraph, Tron’s founder, Justin Sun disclosed he was ready to give $1 million to the person or persons responsible for tracking down the hackers. He added by saying;
“We are working closely with Twitter to resolve this issue immediately and return our accounts to normal. We are always vigilant in the handling of our accounts; operating safely and responsibly — taking the security of our accounts to the highest standards possible. This only further illuminates the urgent need for our society to adopt decentralized, trustless software and services.”
Quick fact, Justin Sun is a Chinese tech entrepreneur, the founder of a renowned crypto-asset, Tron and the present leader, BitTorrent. Sun became very popular after placing a record-breaking $4.5 million bid to have a private lunch with Warren Buffet in June 2019.
Meanwhile, data obtained from Whale alert, an advanced crypto tracker firm revealed, “the Giveaway scammers pulled off the hack of the year, but only managed to make $58,000 USD so far. Hopefully, the community will take them more seriously now.”
🚓 🚓 🚓 The Giveaway scammers pulled off the hack of the year, but only managed to make $58,000 USD so far. Hopefully the community will take them more seriously now.https://t.co/PkuJHgrbpe
— Whale Alert (@whale_alert) July 15, 2020
However, dealing with cryptos, the use of cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your BTCs from falling into the hands of hackers on the internet.
BTC scammers breach Twitter accounts of Bill Gates, Obama, Google, Apple, Uber
A number of celebrities and important personalities had their Twitter accounts breached.
BTC scammers were on a rampage on Twitter late Wednesday, as many top personalities, had their accounts tweeting about a BTC giveaway. Later, it became obvious that the breach was much more serious when leading brands and famous people including, Barack Obama, Elon Musk, Jeff Bezos, Kanye West, and Uber, tweeted that they would double your bitcoin.
However, Cameron Winklevoss, co-founder of the world’s leading crypto exchange Gemini, disclosed that the scammers were only able to make away with “a paltry sum,” though he wondered if there were underlying reasons for the attack.
Despite gaining control of the most prominent accounts on Twitter, it appears the attacker has made off with only a paltry sum thus far. Very little to show for, given the options and what was at stake. Maybe this wasn't about the money….
— Cameron Winklevoss (@winklevoss) July 16, 2020
Recall that a few days ago, Nairametrics reported how crypto scammers gained about $24 million worth of BTCs in the first six months of 2020.
As the COVID-19 pandemic kept a lot of individuals more active online, fraudsters have pulled dozens of different types of scams such as fake ICOs, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware and many more.
READ ALSO: BTC outperforms precious metals in H1 2020
The scammers deceive their intended victims by offering one or all of the following: no taxes, high profits, little effort, and no risk. It’s thus projected by Whale alert that these fraudsters could gain about $50 million dollars before the end of 2020.
Twitter CEO, Jack Dorsey, finally tweeted:
“Tough day for us at Twitter. We all feel terrible this happened. We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.”
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Meanwhile, the price of bitcoin remains largely unaffected by the news of the hack, as it is currently still stuck at around $9,200.
Tough day for us at Twitter. We all feel terrible this happened.
We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.
💙 to our teammates working hard to make this right.
— jack (@jack) July 16, 2020
Popular singer, Akon and other leading experts speak on Africa’s Crypto
Akon spoke about his cryptocurrency Akion, detailing how it is easy to exchange the digital coin.
As Africa remains the leading market in the crypto industry, Africa’s fastest-growing financial media company, Nairametrics, exclusively covered the African session of the 3rd-year anniversary of Binance, the world’s largest crypto exchange, with key African crypto stakeholders deliberating on the crypto industry in Africa.
Senegalese-American music celebrity, Akon who was one of the guests in one of the sessions spoke on crypto adoption in present-day Africa, having popular Hollywood film producer and Akoin co-founder, Jon Karas with Binance CEO Changpeng Zhao moderating the session.
Akon spoke about his upcoming cryptocurrency known as Akoin, detailing how it is easier to exchange the digital coin through an internal conversion mechanism, which will allow users to convert in and out of other fiat currencies or crypto assets.
He also spoke about the payments revolution the crypto industry will bring to Africa that is preceded by poor mismanagement of resources, unstable currencies, amongst other limiting factors. According to Akon, Africa stands a chance of becoming the frontier in the global crypto market accompanied by a wider increased investment interest in cryptocurrencies.
In a prelude to Akon’s interview, Yele Bademosi, founder & CEO of Bundle, spoke about the need for crypto stakeholders to do more in educating the world’s fastest-growing market, Africa, as many young Africans are still on their learning curve trying to understand the advantages and usage of blockchain and cryptocurrencies.
In addition, Chuta Chimezie a leading crypto expert, spoke on the importance of regulatory stakeholders in supporting the future of payment as governments not regulating cryptocurrency may be a limiting factor in spurring its growth on the continent. He also advised that the inclusion of leading African banks will boost the crypto African market, as their role can’t be underestimated.
The session ended with BNB tokens and gifts disbursed to some participants of the session, marking the third anniversary of the world’s largest crypto exchange, Binance.