Bitcoin Moves Towards ATH, Altcoins Suffer And Mysterious Whale Moves Market

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Last Updated on 12 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Ever since re-visiting its all year low of $29k end of July (a value last seen in the beginning of January of this year), Bitcoin has been on the up for most of the past few months.

It was this morning once again scorching towards it’s all time high of $64k last seen in April of this year.

Unfortunately for altcoins, as soon as Bitcoin attracts all the attention, it also takes with it all the investment funds and thus some smaller altcoins (who are seeing their flows of money dry up) will have to wait.

At the time of writing, Bitcoin is trading at $57k and has gained 16% in the past week alone. Most altcoins were down as a result.

There are some exceptions, Shiba Inu surged 15% the past 24 hours and WAVES 11%.

Advertentie.

Mystery Chinese Whale

Around half of September, the world started to realize that a few lines written inside an article of the Global Times, the mouthpiece newspaper in Beijing spewing all of the communist’s governments propaganda, actually meant that China was declaring all cryptocurrency transactions to be illegal.

Ever since then, the move of Chinese bitcoin farmers going to other Asian countries or, worse even, to Texas, has only intensified. There is just one problem with this new law of the Chinese land. If buying crypto is illegal in China as from now, which Chinese Whale is then responsible for the purchase of $1.6 billion worth of Bitcoin last Wednesday 6 October?

According to crypto journalist Ki Young Ju, a Chinese whale buyer purchased some $1,6 billion worth of Bitcoin and drove up the price some 5% with it. He stated at the time:

Whales bought up $BTC in the perpetual futures markets yesterday mostly at

Binance, HuobiGlobal  and Bybit. Basis ratio says it was futures-driven, and they punted long positions as open interest skyrocketed at that time. These guys know something.

Since 6 September, Bitcoin is up some 15%. Not bad for a $1.6 billion investment.