Bitcoin whales buy up billions of dollars worth of cryptocurrencies
Following the recent cryptocurrency price slump, news has emerged that Bitcoin whales are buying up billions of dollars worth of crypto.
According to blockchain strategist, Jeremy Gardner, there are several bids for multi-billion dollar blocks.
Pundits are accusing Gardner of triggering a Bitcoin bull run after tweeting the information.
Mr. Gardner is an American cryptocurrency entrepreneur who lives in the Crypto Castle in San Francisco.
The founder of The Blockchain Education Network discovered there’s multi-billion dollar demand for single Bitcoin blocks in the over-the-counter market.
After sharing this information, the values for most cryptocurrencies rose for the first time in days.
“OTC market demand for bitcoin right now is unlike anything I’ve ever witnessed. Several asks for multi-billion dollar blocks…”
His trader terminology seemed to confuse some of his followers, however, as “asks” usually refers to sellers.
Gardner followed up on his original tweet to clarify, saying:
“Several bids* Sorry for my poor familiarity with trader terminology”
His comment about the Bitcoin whales has 365 retweets, 931 likes, and 85 comments.
The value of Bitcoin was surging from the weekend’s lows by this time.
Some suggested that he caused investors to start buying again and contributed to the market recovery.
“I just got accused of triggering a bitcoin bull run with this tweet,” he said.
At the time of press, Bitcoin is now trading at $7,484.20, up by 7% in the last 24 hours, according to the Coin Thud live price charts.
It now appears to be moving away from weekend lows of $6,535.
The weekend dip is second only to February 6 price of $6,000, as the current 2018 low.
In the last 24 hours, trading volumes for Bitcoin have come close to $5 billion.
The cryptocurrency market as a whole is now registering $13 billion in daily trading volume.
Bitcoin is now also restoring it’s market dominance, up from 32 percent to 45%.
On average, a Bitcoin block is mined every ten minutes.
Per day, this equates to an average of 144 blocks.
Every 210,000 blocks, block rewards are halved.
Over 16.8 million Bitcoins are in circulation, which means 80 percent of Bitcoin has now been mined.
The complexity and scarcity are drawing-in multi-billion dollar companies to the Bitcoin mining business.
Many big-money investors, or “Bitcoin whales,” have been deterred by recent hacks, namely the Coincheck heist in January 2018.
Demand for over-the-counter exchanges is now increasing as a result.
Jeremy Gardner’s Bitcoin whales comments may have contributed to market sentiment, but it’s unlikely that his tweet boosted values so dramatically.
The news that Tokyo trading broker Monex is considering acquiring Coincheck is more likely capturing investors’ attention.
Monex Group is reportedly looking to purchase a majority stake of Coincheck for several billion yen.
The “multi-billion dollar blocks” observation made by Gardner lines up with many other investor predictions.
Cryptocurrency enthusiasts such as John McAfee believe Bitcoin will one day be worth millions of dollars.