You are here
Home > Other Crypto News > Elon Musk induced Volatility did not Faze Bitcoin Whales

Elon Musk induced Volatility did not Faze Bitcoin Whales

Despite Elon Musk’s repetitive tweets aimed to induce volatility and fluctuations in the Bitcoin market, crypto whales continued purchasing the cryptocurrency. Several leaders in cryptocurrencies have acquired over $2 Billion in the past few weeks since the market started dumping Bitcoins following Musk’s pursuit. 

Bitcoin Whales on a roll!

Bitcoin Whales is a term used for wallets that have between 100 to 10,000 Bitcoins. According to a report by Santiment, a data analytics company, these wallets are unfazed by the latest trends in the crypto ecosystem and Elon Musk’s role. 

Much to our surprise, these whales incidentally increased their purchases of the largest cryptocurrency and added 50,000 BTC to their wallets. In fiat currencies, these BTC amounts to almost $2 Billion. 

According to the graph posted in Santiment’s report, these wallets netter some profits as Bitcoin reached an all-time high back in April at $65,000. However, they did not stop during the dip in Bear’s market when BTC reached $30,000. On the contrary, it was at this time that the crypto industry saw maximum activity. 

Also, long-time BTC holders refused to sell their assets even during the worst dip Bitcoin has seen in a long time. 

How does Musk’s activity affect Bitcoin Whales?

One of the most exciting things we noticed about Bitcoin’s fluctuations was the timing. A few days ago, Bitcoin price ranged about $37,000 before spiking to a six-day high of around $39,000. As the price started to rise, Elon Musk again came into action and posted a controversial tweet that sent the BTC $3,000 down in a day.

This tweet wasn’t the first action from Musk, as previously he tweeted about restricting Bitcoin’s use for purchasing Tesla vehicles. This news was partially the reason Bitcoin saw the dip. However, despite Musk’s ironic comments, the whales and investors have stopped paying heed to the millionaire’s tweets. 

While Musk still has some influence over Bitcoin’s trend, many investors are coming to the realization that the crypto market can only mature if they stop swinging after his engagement. Many experts believe that the Bear market is over, and BTC will soon reach a new all-time high despite the actions of some “crypto influencers.”

Related Article  Is the Launch of Uniswap’s Mobile Wallet The Reason Behind Its Mass Adoption? Let’s Explore!

Leave a Reply