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Saturday, 9 June 2018

Bussiness update: Today on Cryptocurrency

bitcoin whales

A SECRET cluster of 1,600 investors known as bitcoin whales’ collectively hold a third of the entire cryptocurrency with holdings of $37.5billion, according to latest data information.


Data from blockchain research company Chainalysis showed in April there were 1,600 bitcoin wallets owned by investors, all of which holds about 1,000 of the alt-coin each.
An anonymous ‘whales’ scooped an eye-watering 5million bitcoins between them, which amassed to a third of the market, according to the FT.
Just under 100 wallets contained between 10,000 and 100,000 bitcoin which would be valued at between $75million and $750million at today’s prices.
Chainalysis chief economist Phillip Gladwell said: “This concentration of wealth means that bitcoin is at risk of volatility as the moves of a small number of people will have a large price effect.”
Bitcoin is a cryptocurrency and worldwide payment system and was the first decentralized digital currency.
It was launched in 2009 by founder Satoshi Nakamoto.
The system works without a central bank or single administrator meaning it is open to anybody and everybody.
Last November, the amount of bitcoin owned by those who held the currency for more than a year was around three times what was held by short-term investors who traded more recently.
But by April 2018 the 6million bitcoin holders by long-term investors was near to matching the amount held by short-term spectators, with 5.1millin bitcoin.
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