{"id":420500,"date":"2021-10-29T11:26:00","date_gmt":"2021-10-29T09:26:00","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=420500"},"modified":"2021-10-29T11:29:35","modified_gmt":"2021-10-29T09:29:35","slug":"bitcoin-whales-drive-price-pump","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/420500-bitcoin-whales-drive-price-pump.html","title":{"rendered":"Bitcoin whales drive price pump"},"content":{"rendered":"

The biggest Bitcoin holders are accumulating more of the token and powering its rally, according to a report by the research arm of a crypto exchange.<\/p>\n

Holders of 100 Bitcoin or more, so-called whales, and a supply shock drove the increased network activity, Pete Humiston, manager at Kraken Intelligence,\u00a0wrote in a report<\/a><\/strong>.<\/p>\n

The weekly average holdings of whales rose 0.25% since early October to reach a record $724.4 billion, according to the report. The number of such holders increased 1.6% to 16,156, the highest level since May.<\/p>\n

\u201cLarger market participants have grown increasingly more confident, preferring to accumulate further than to take profit,\u201d the report said.<\/p>\n

\u201cWith the number of whales and whale holdings rising, it is clear that whales are a driving force in this latest run-up and remain optimistic.\u201d<\/p>\n

Bitcoin has more than quadrupled in the past year and reached a record near $67,000 on Oct. 20 amid optimism around the debut of Bitcoin futures-backed exchange-traded funds in the U.S., and waning concerns about issues like China\u2019s crackdown on the digital-asset space.<\/p>\n

However, crypto remains extremely volatile, and many experienced market players still regard it with a strong degree of caution.<\/p>\n

In addition, market concentration is a concern to some. A recent report from the National Bureau of Economic Research said that the top 10,000 investors in Bitcoin hold more than one-third<\/a><\/strong>\u00a0of the cryptocurrency in circulation.<\/p>\n

\"\"<\/a><\/p>\n

\n

Now read:\u00a0Bitcoin ownership and mining power in hands of elite few<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

The biggest Bitcoin holders are accumulating more of the token and powering its rally, according to a report by the research arm cryptocurrency exchange Kraken.<\/p>\n","protected":false},"author":341034,"featured_media":401775,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,53667,73702,73854],"class_list":["post-420500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-kraken","tag-national-bureau-of-economic-research","tag-pete-humiston"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/420500"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=420500"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/420500\/revisions"}],"predecessor-version":[{"id":420506,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/420500\/revisions\/420506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/401775"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=420500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=420500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=420500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}