Bitcoin whales: what are they – and how are they affecting the cryptocurrency's price?

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Bitcoin whales have been under scrutiny in recent weeks as a result of bitcoin's price fluctuations. Here are the key things you need to know.
There are around 1,000 individuals, known as whales, who own 40% of the market.

Whales have the potential to manipulate the currency valuations.

"The big players can easily move the price," crypto-skeptic David Gerard, told The Telegraph.

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A bitcoin whale is a term that refers to individuals or entities that hold large amounts of bitcoin, according to Investopedia. There are around 1,000 individuals who own 40% of the market.

Whales have the potential to manipulate the currency valuations and, given bitcoin's fluctuations in recent weeks, they are increasingly under the spotlight.

The Telegraph reported recently that, according to industry data, around 13% of all Bitcoin, or around $80 billion, sits in just over 100 individual accounts. It added that the top 40% of all bitcoin (approximately $240 billion) is held by just under 2,500 known accounts, out of roughly 100 million in total.

How do whales impact bitcoin's price?

The number of addresses holding more than 1,000 bitcoin is at 2,334, a new all-time high,…
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