Who are "whales" in the crypto market and how do they influence crypto...

The publicity of cryptocurrency transactions allows us to manage our savings. For many investors, the actions of “whales” is a signal for buying or selling. Players of this level will not invest hundreds of millions of dollars if they are not sure about the prospects for making a profit. Therefore, such movements of funds are used for some additional market analytics and forecasting. The actions of “whales” can often lead to various changes on the crypto market. The recent drop in the price of Bitcoin to $ 30,000 came after rumors on Twitter about Tesla selling digital coins. Tesla CEO Elon Musk later denied this information and said that the company has not sold a single digital coin since March this year, when it recorded a cryptocurrency profit of $ 101 million.

Small investors try to track the movements of the whales, as large holders of digital assets act professionally and choose investment options with the lowest risk of incurring losses. If whales suddenly sell off assets, then this is a signal to the rest of the market that the rate is expected to fall.

However, in this case, attempts to manipulate the market cannot be excluded, experts warn. One “whale” may have several wallets: from one he sells a large amount, provoking a depreciation, and from the other he buys cheaper. Also, there are personal reasons for selling coins. Thus, movement on the “whale” wallets can in no way be considered as the only and key indicator of the rise or fall of the market.

Ordinary users are unlikely to have access to real-time information about whale activity. It is unlikely that large holders of digital coins will carry out transactions on centralized exchanges in contrast to selling cryptocurrencies without intermediaries. It is believed that the role of whales in the market will be rather secondary, because of the increasing public impact of media.

What should be taught from whales?

Speaking of whale tools and methods for getting the most benefit, cryptocurrency wallets are worth mentioning too.

1. Recently, more and more large investors have started using cross-platform wallets such as Bitmarket Network Client. The ability to use different electronic coins in one place saves a lot of money and time.
2. Also, whales use only proven and 100% reliable services to store savings that do not have access to the Internet. This allows users to be sure that personal data does not fall into the wrong hands.

Thus, if possible, choose wallets with two-factor authentication and open source. It will save not only your money but also spare you from undesirable stress.

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