MTGox cold wallet addresses see movements of 16,000 BTC and BCH
Image source: Wikimedia Commons
Trustees of the now-defunct Mt. Gox cryptocurrency exchange has shifted a large amount of BTC and BCH as reported on marketwatch.com - by Aaron Hankin. I have also personally checked out the Cryptoground website that monitors these cold wallets. Indeed, a total of 16000 BTC and 16000 BCH totaling to US$170 million could be put on sale in the upcoming week.
Image source: cryptoground - Mt Gox cold wallet monitor quick snapshot
Bitcoin Whales are manipulating the crypto market
The term "whales" as with the platform on Steemit and cryptocurrencies refer to someone with a large holding of crypto tokens. If large volumes of Bitcoin were to be sold off at exchanges within a short period, Bitcoin prices may suffer a hit or experience unnecessary fluctuations. Even though may might not be pump-and-dump schemes, these huge transactions could alter coin prices fairly significantly when the market cap is small. (source & read more: cryptodaily.co.uk)
Bitcoin Cash [BCH] just experienced a steep spike in prices from US$700 to US$1400, a 2X increase. I have also discussed the volatility of BCH in my article just a few days ago. Without knowing about the potential trends in cryptocurrency could leave many of us vulnerable to sudden price hikes or drops. Hence monitoring whale sightings is one of the ways we can make pre-emptive decisions.
Image source: Wikimedia Commons
More Bitcoin cold wallet monitoring
Thanks to one of my followers @ayogom, who does daily whale wallet analysis (check out his latest post here).
I also visited Bitinfocharts.com myself to look at the movements in the whale wallets. These charts do not make much sense when you first look at it as they do not give a summary of the total in and out BTC movements today compared to the past few days. There is an increasing number of dormant Bitcoin accounts over the last 5 years without any withdrawals accumulating up to 500,000 BTCs, representing 3 percent of the total BTC circulating supply.
Better exchange regulations needed
In Japan, crypto self-regulating body, Nihon Kasotsuka Kokangyo Kyokai (Japan Cryptocurrency Exchange Association), currently consists of the 16 exchanges registered with the government’s Financial Services Agency (FSA).
The idea behind this body is for it to set the standards and the expectations of those exchanges that currently are not registered and up to scratch with the FSA. This is because there are still currently a number of exchanges that are operating while still being unregistered.
Source: Cointelegraph - Darryn Pollock
The initiative has been set up to impose regulatory pressures on crypto exchanges. While it may not make a difference for small traders like you and me, whales may have restricted movements that will prevent too much "whale sightings" from occurring. This improved security also meant that cryptocurrencies are moving toward being recognized by mainstream audiences and as a reliable form of asset.
-tysler
Image source: pixabay