London, UK, 4 Sep 2021, ZEXPRWIRE – Cryptocurrency has become a huge branch of trading that is looked up to millions as a source of income. Back in the time when crypto first came out, people had no idea one day that there soon will be a time when Bitcoin will revolutionize the entire finance industry. FinancialCentre Broker Daniel Levin says that Fiat has been ruling the global financial world for a long time now but it is possibly time for a crypto to take over. What will be the dynamics of the new world after that is yet to be seen but the human race will go through a new era of digital payments and where it will bring along huge amounts of benefits, it will also be carrying some risks and dangers which might become inevitable later in the day.
Many people think that crypto is all about Bitcoin. Bitcoin is the oldest of all cryptocurrencies and the most popular one too. Today, the popularity of the tokens has reached a point where the nations are forced to come up with suitable laws that allow their relatively transparent use. It might not be entirely wrong to say that Bitcoin has become the face of crypto but there are more than 4000 cryptos available. Some have access to Blockchain while others do not. When a currency has access to blockchain the ln this means that given currency is more stable and something worth investing in.
Apart from Bitcoin, we have many cryptos that have access to blockchain and one of them is Ethereum. Ethereum happens to be decentralized crypto which is the largest after bitcoin in terms of market capitalization. It came forward in the year 2013 by a programmer named Vitalik Buterin. Ethereum is a distinct form of crypto which was initially inspired by Bitcoin but it is quite different from the first-ever crypto. Ethereum can be regarded as a network as a secure database that can easily be accessed by anyone. Levin says Ethereum has been enjoying lots of attention for a long time now and this is mainly because it lets the developers run programs. These programs are originally smart contracts that have the capability to host decentralized apps which are known as dApps. Today, many people have created several dApps and Ethereum such as games.
What is a Whale?
People who have been attached to crypto in any way must have an idea about the terms whales. Whales are basically entities that are big powers in the world of crypto because of the possible impacts they can have on the price. A person or a company that holds large amounts of Ethereum are referred to as whales. These Whales buy and sell coins and bulk buying and selling lead to fluctuation of the price of the tokens.
As we see that the volatility is picking up pace in the crypto markets, whales holding large amounts of Ethereums have started moving back and forth amid such unpredictable scenarios. This week on Tuesday and Wednesday, the whales have moved Ethereum coins worth more than 500 million US dollars in a total of 13 transactions. Out of these13, the largest one involved a transfer of more than 28,200 coins that were worth more than 90.8 million US dollars. According to a crypto tracker, the coins were transferred from one unknown wallet to another. After a gap of 2 minutes, another 28,272 Ethereum were transferred to a third wallet which was also unknown. Another time, similar transactions were noted and more than 2740 Ethereum coins were sent to an unknown wallet. These coins had a worth of 88.1 million US dollars.
The second wallet transferred the same amount to another unknown wallet through a second transaction. Kraken is a bitcoin trading platform that is famous among investors because of its highly affordable rates and robust security. The company made a total of 7 different transactions to a wallet over a small period of 2 minutes. Kraken sent a total of 22400 Ethereum coins that had a worth of around 71 million US dollars. Another notable transaction of Ethereum digital tokens was done by the exchange Gemini which sent 10,000 Ethereum coins that were worth 32 million US dollars. These coins were sent to Binance which is the world’s largest crypto exchange company. In another exchange, Bithumb sent 12,000 coins to an unknown wallet. These coins were worth 38.6 million US dollars.
What Does This Mean?
Levin explained that these transactions are huge enough to impact the price of Ethereum further. Ethereum and Bitcoin whales are huge parties that make quick moves when the circumstances are in favour or against the cryptocurrencies. Their movements can add up to the trends considerably when the coins are bought or sold in bulk. For example, when the volatility rises in particular, these whales panic to sell their tokens then the prices can go down massively making things worse for small fish.
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