The whales are coming! Is the Bitcoin bear market confirmed? BigONE has something to say
Whale refers to an individual or group that artificially creates factors that affect the price of Bitcoin to their benefit.
Recently, news affecting the price of Bitcoin has emerged endlessly. From El Salvador’s legislation to the Federal Reserve’s interest rate hike, the price of Bitcoin has plummeted from a peak of US$41,000 to US$32,000 in just one week. Related agencies have warned that due to the collapse of the currency price, the “whales” have continued to reduce their holdings. Under the current circumstances, Bitcoin can no longer maintain a bull market. This reminds BigONE of the Bitcoin market in 2017. Many “whales” increased their holdings of Bitcoin, resulting in an astonishing 1,700% annual increase in Bitcoin, which has attracted countless attention. But whether it is skyrocketing or plummeting, they seem to have the shadow of “whales” behind them.
“Whales” attack and destroy the market?
Since the first large-scale whale sell-off on the exchange since July 2019, there will be “whales” in the Bitcoin market every year. Whether it is inhalation or sell-off, it is an important factor affecting the rise and fall of the currency price. What needs to be clear is that BigONE believes that Bitcoin’s bearish time will not last long because, from the Bitcoin transaction data, the market supply and demand conditions are still good. Investors and investment institutions who have experienced various storms are facing any market fluctuations. At the time of the market, it has been able to deal with it calmly.
The decline in the computing power of the entire network will be the last straw to crush Bitcoin?
It is worth noting that after many governments have taken actions against Bitcoin mining restrictions due to national policies and environmental protection factors, earth-shaking changes have taken place between mines and miners, and many mines have been suspended worldwide. Mining activities directly led to a sharp drop in the computing power of Bitcoin’s entire network. Despite this, the computing power has not fallen by more than 40% compared with the historical high, and the Bitcoin price trend has maintained a support level of $30,000. Therefore, BigONE believes that despite the decline in the entire network's computing power, everyone does not need to panic; there’s hope.
About BigONE
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.
