Forex and Crypto News

Crypto whales control Tether, Ethereum and other altcoins

15:14 10 January /2020

On twitter account, the service Intotheblock posted information that more than 40% of the largest altcoins are concentrated in wallets of “crypto whales”. He specified that there are concentrated large shares of altcoins such as Ethereum (ETH), Tether (USDT), Litecoin (LTC) and Cardano (ADA) in 461 wallets.

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According to Intotheblock, 39 wallets own 11% of Bitcoins, 154 wallets own about 40% of Ethereum and 128 wallets own 47% of Litecoin cryptocurrencies.

The service also noted that most of the Tether cryptocurrency, namely 58%, is concentrated in 140 addresses.

These data say that “crypto whales” can influence the dynamics of the Bitcoin exchange rate, but this effect will be minimal and cannot fundamentally change the situation in the market. But then they can change the situation in the altcoin market.

Despite these data, many experts still believe that a share of 11% has a sufficient effect on the Bitcoin exchange rate. We observe significant fluctuations in the Bitcoin exchange rate when “crypto whales” send large batches of bitcoins to various exchanges with the aim of the further sale in large volumes. Most often, this leads to a decrease in the rate of Bitcoin.

Advocates of “crypto whales” explain such actions by the desire to protect their cryptocurrencies, since “crypto whales” are afraid to be hacked by hackers. But we understand that large injections of Bitcoin on exchanges are made just to manipulate the rate.

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