The big players had an active week as they successfully manipulated the crypto market. A series of whale transfers carried out this week generated enough tension to send major cryptocurrencies to a lower level of daily support.
Bitcoin’s price dropped below $8,000 after massive transfers took away his achieved advances. At the time of writing, Bitcoin traded at $7,978.95, with a decline of 1.58%. As analyzed, if BTC fails to rise above 10k before the end of this year, it can accumulate a doubled negative performance in the coming period.
According to the data from Whale-Alert, the crypto market was surfaced with 43 transactions between 14 October to 18 October, with strong ones from unknown wallet addresses directed to the Binance and OKex exchanges. The total amount moved by these manipulators in the Bitcoin market was 76,462 units. Furthermore, Binance led the sending-receiving of whale funds with 32,892 BTC, totaling USD 264,592,959, which represents 38.38% of the total funds moved during the period.
In response to the whale actions, bitcoin has collapsed to levels lower to its key support at $8,078. The announcement of Poloniex parting ways from Circle further ascended the whale transfers.
Besides bitcoin, Ethereum, Ripple, and the Binance Coin are also fallen victims of the whales.