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This data shows that Ethereum whales are manipulating the price of Ethereum, is this true?

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Ethereum whale investors maintain an impact on the price of ETH. This is because they are using their holdings to create the desired trend in the ETH market. But its effect raises more eyebrows according to data from CryptoQuant.

In the crypto space, whales are people or entities with a higher investment in ownership of certain assets. Holding a large amount of cryptocurrency makes it easy for whales to manipulate and influence the price of the cryptocurrency.

Over time, the perception has always been that whales have negative effects on the market. This is because they always take the upper hand in the uncontrolled market to exercise a pattern of price manipulation. The intent is not to create instability in the market but to secure their interests and gains.

The on-chain data provider notes that ETH whales have engaged in price manipulation of the second largest crypto asset through their exchange activity.

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Analytics firm Quick Take has published an Ethereum price pattern. An analyst acknowledged suspicious movements with whale activity in exchanges between 2020 and 2021.

Ethereum whales have moved to exchange coins to increase the price

According to the post, Ethereum whales have deposited most of their ETH holdings on exchanges. They created a situation that drove the price of the token up and sold deposits using the higher prices.

The data indicates that the price of ETH rose rapidly amid an increase in Ether balances on exchanges. However, the analyst noted that this sequence contrasts with the benchmark Ethereum market average. The usual trend is that when exchange inflows increase, the price of Ethereum and other assets will fall.

Hence the post that Ethereum whales raised the price of Ether after the token was deposited on exchanges. They later sell the coins deposited from the exchanges at a higher price.

Also, the price of ETH completely rose with the increase in average exchange flows between 2020 and 2021. She added that when there is a rise in the exchange flow, it indicates a short-term high and a long-term low.

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Cryptocurrency market and price manipulation

The crypto market has faced many price manipulations. Such activity and allegations are no longer new in the field of cryptography. Ethereum co-founder Vitalik Buterin helped his view on such a trend during a recent interview with The New York Times.

Buterin mentioned that the Terra team tried to use market manipulation to raise the value of LUNA. But it seems that it failed because the Terra ecosystem collapsed without notifications.

In the case of Ethereum, data from CryptoQuant indicated that whales started depositing huge holdings on exchanges after the merger. The action led to selling pressure on Ether and led to a drop in its price, causing the token to reach its July levels.

After that, the price went up again later. At press time, ETH is trading at around $1,329, indicating a loss on the chart.

ETH drops below $1,350 on the chart of ETHUSDT on Tradingview.com
Featured image from Pixabay, a chart from TradingView.com
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Cryptocurrency

Understanding Bitcoin Hash Rate Increase – Bitcoin Magazine

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This is an op-ed by Alex, a bitcoin miner with KapoMax.

It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.


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Bitcoin price targets extend to $19k as BTC jumps 4% from daily lows

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bitcoin (BTC) remained higher after buying $17,000 in liquidity on December 9 as traders targeted more upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is trying to make a new monthly high

information from Cointelegraph Markets Pro And the TradingView BTC/USD shows cooling volatility once again after it reached $17,300 on Bitstamp.

husband was He started taking cash On Dec. 8, Wall Street opened this uptrend to see it challenge the one-month highs of Dec. 5.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

Previous tweet from Dec 7 explained The rationale, with invalidation set at the $16,000 support.

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Part of the accompanying comments read:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter

Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike

Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bears ‘Habitual’ Despite Missing Major Trend Line – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

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“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.

BTC liquidation scheme. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.