The value of Bitcoin (BTC) has been stable over the past couple of days. The digital currency has been trading in the range between $6,500 and $6,600 for some days now. However, the value of the coin is currently trading sideways. Its trading volume has also reduced, leaving a lot of investors worried and eager to know which direction the digital currency will go next.
Bitcoin (BTC) value is somewhat affected by several factors. One of the common factors that affect this value of this digital currency is “Whales.” Whales are individuals that own large portions of a digital currency.
In the Bitcoin (BTC) space, mysterious whales have long been a source of anxiety and speculation. However, Chainalysis recently carried out a new research which unveils some of the biggest Bitcoin (BTC) whales as well as their impact on the digital currency market.
Chainalysis Examined the Thirty-Two Biggest Bitcoin (BTC) Whales
Chainalysis is a digital currency forensics company. The firm recently examined the thirty-two biggest Bitcoin (BTC) whales. According to the report of the firm, the thirty-two whales hold over one million Bitcoin (BTC) out of the 17 million currently in circulation.
The report of the firm reveals that the smallest whale holds about 12,000 BTCs worth about $75 million. The largest whale among them hold about 85,000 BTCs worth about $542 million. The firm categorized the whales into four different groups.
The first group is the criminal whales. This group consists of three Bitcoin wallets holding BTCs worth about $790 million. The second group is the trader whales. This group consists of nine wallets holding Bitcoins worth about $2.1 billion. The third group is the miners and early adopters.
This group consists of about fifteen wallets holding Bitcoins worth about $2.1 billion. The last group is the lost wallets. This group consists of about five wallet holding coins worth about $1.3 billion. The “lost wallet” group consist of people with large portions of bitcoin that have lost their private keys or are dead.
Bitcoin (BTC) Volatility Returns, as It Loses $400 in Less Than One Hour
Bitcoin (BTC) has managed to remain over the $6,500 mark for some weeks. Nevertheless, it seems its period of stability is coming to an end. The price volatility of Bitcoin (BTC) has returned as the coin sharply declined below the $6,400 mark. Bitcoin (BTC) traded sideways and lost over 4 percent of its value in less than one hour.
About an hour after Wednesday’s close, the value of Bitcoin (BTC) dropped by $400 in about thirty minutes. This brought the value of the coin close to the $6,300 mark. This is the first time, since Sept. 12, the value of the coin is testing this level.
This also affected the overall market cap of the crypto market. As a result of Bitcoin’s decline, the entire market cap has reduced by $13.1 billion. This loss was incurred over a period of two to three hours.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) has lost 4.5 percent of its value. The digital currency is now trading at $6,308. The market cap of Bitcoin (BTC) has also reduced to $109.24 billion and its trading volume over the past twenty-four hours is $4.56 billion.