Crypto Do Whales Manipulate CryptoCurrency Market?

[Mika]

The whale is the term used for the big investors in the business, investment, and finance world. There are whales in share markets, real estate, as well as cryptocurrency markets.

In May 2021, Bitcoin and most of the cryptocurrencies reached an all-time high. But China banned cryptocurrency transactions and cracked down on mining operations which pushed the crypto market to a bearish run.

The price drop was also blamed on Tesla and SpaceX owner Elon Musk, who said he will not accept Bitcoin for Tesla because of the use of coal energy for mining.

A few weeks later, Musk again said he is willing to accept Bitcoin for Tesla provided clean energy was used for mining. His statement sent positive signals and the price improved slightly.

Whales can manipulate cryptocurrency price but there are also other factors that affect the cryptocurrency market.

 

[btaliat]

We never hear of whale until some people came to destabilize the crypto world. They will just promote a particular coin and put much money into it then spark the price of the coin. And when people invested in that particular coin, they will now withdraw all their capital and make the coin goes down again.

 

[Jasmine]

There are whales everywhere not just in crypto currency world. Recently, stock market went on bullish run in my home country. But later it was found that few whales were trying to manipulate the market by investing a lot of money in the companies that were not even performing well.

 

[Abigael]

I agree with you that Whales who invest high amounts of money in cryptocurrencies can cause their prices to surge. That is because they increase the circulation of these Cryptocurrencies. Another thing that affects the crypto market is statements from influential people such as Elon Musk and other celebrities. A single tweet from them causes a surge in the market.

 

[Alexandoy]

I like this discussion because I have read that a whale transact in crypto not only in millions but also in billions of dollars. To be frank, I am amazed why those rich guys would buy crypto coin when a billion dollar can buy a vast property like a villa. For me, it doesn't make sense unless the billionaire is just toying with crypto coin in the market.

 

[Jasmine]

If I had 1 billion USD I would invest in SHIB coin. The current market value of SHIB is 0.000007. If 1 Billion USD is invested the price of SHIB can be 0.0007 (just an assumption), I can sell the coins that I bought for 0.000007 for 0.0007 and make a huge profits. That's how the whales make money.