Mika
VIP Contributor
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.
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.