Connect with us

Bitcoin

Dormant Bitcoin [BTC] ‘whale’ addresses witness surge in activity

Akashnath

Published

on

Dormant Bitcoin [BTC] 'whale' addresses witness surge in activity
Source: Pixabay

Addresses holding Bitcoin that haven’t been active for over six months to almost two and a half years are now moving BTC, the data compiled by analytics firm Flipside Crypto shows. Sixty percent of BTC in circulation right now is held by wallets that have been active in the past month. Bloomberg reports that similar wallet activity led to the wild price swings in the years 2015 and 2017.

BTC price now hovers near the $3600 mark. It is believed that about 1,000 addresses hold 85% of all existing Bitcoins. There are some behemoths out there, addresses that might hold millions of dollars worth of Bitcoin. These are called whales, many of which have remained quite inactive. However, the waking of these dormant whales might move prices either way, by either instigating fear or might inspire hope and belief in investors, depending on whether the whales buy or sell.

Eric Stone, Flipside Crypto’s head of data science, said:

“It’s definitely a big shift. There’s more potential than usual for price swings.” He also added that there is 40% more active BTC now that in the summer of 2017.

Source: Flipside Crypto

 

Source: Flipside Crypto

The CEO of Flipside, David Balter, told Bloomberg:



“We’ve definitely seen that many long-time holders of Bitcoin are becoming active.”

The number of inactive accounts has halved, and there was a sudden surge in the number of accounts that participated in BTC transactions. While this might be similar to 2017, as pointed out by Stone, there is nothing to suggest that this time, too, BTC prices will be positively impacted.

It all hinges on whether the holders buy or sell, and how the community and Bitcoin investors react to market activity. Whales selling BTC might be catastrophic, whereas whales buying could drive demand, and prices, upward.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



A fourth year engineering student at SASTRA, working freelance at AMBCrypto. Writing and football are passions, and cryptos are an avid interest.

Bitcoin

US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

Priya

Published

on

By

US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Source: Unsplash

Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending