29 May 2019 #Bitcoin
There are times when market movements seem mysterious, especially when no one can explain the reason behind it. However, we have also seen that many times, the crypto market moves as a result of an event. When any sensitive situation arises, it triggers the actions of the players to be bearish or bullish. However, whales and large accounts have upturned the conditions of the market. Their recent actions have become an indicator to understand what the future holds for crypto prices.
The report we got on whales activities is revealing that the April surge was due to large transactions in the market. Let’s recall that the market cap increased by 30% to move from $140 billion - $180 billion. We got a report on the 2nd of April that more than 6 million trades took place in that hour of the surge.
From what we’ve gathered so far, the main market where the surge started was the Asian crypto exchanges. According to expert analysis, the whales were responsible for the sudden interest of crypto holders who were dormant in 2018. Up to 10 percent of BTC wallets were not active, but in April, every wallet became active once again.
Experts’ analysis also indicates that large accounts contributed to the surge in April as well. For instance, a transaction of $1million occurred during the ending of April. A little digging revealed that the service which got the money was Roobee, an investment service on blockchain tech.
According to what is gathering from the press, the company is now facilitating IEO on many Asian exchanges. We are not surprised by this development. Let’s recall that the low demand of ICOs and the negative occurrences in the market suddenly changed. It lasted from 2018 until the first quarter of 2019. All of a sudden, everything changed in April. We have also learned from the available data that Whales prefer IEOs to ICOs. That’s why the Roobees co-founder suggested that IEOs are now the favorite of many big investors.
The good news is that the company wants to offer the same investment opportunities to retail clients. All those high-security and viable opportunities which the whales enjoy will now get to retail investors.
Meanwhile, IEOs are on the rise. This market mechanism enables startups to avoid the trouble they pass through looking for an exchange to list their cryptos. From the information available, more than 50 projects have hosted one. This fundraising method protects the startups as it necessitates an authentication process.
One of the whales stated that the crypto market recovery is nearer than many investors think. According to the whale, large funds and regulations will contribute towards the growth of the sector. They are also of the opinion that large business and financial developments will push the crypto industry forward. Many of the participants in the industry hope so too.
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