To all the day traders out there, our hearts go out to you. Jokes aside, talk about a crazy day right? Most of you would be wondering what the hell happened today and we have quite a few explanation for it.
Basically, there was way too much Tether FUD today which cause a huge spike in Bitcoin of almost 10% and then corrected itself back to 5.3% to 6.5%. At first, there were rumors that Tether would be delisted from the greatest exchange Binance so everyone started selling and buying in Bitcoin thus the spike. In fact, the Tether sell off was so huge that Kucoin had to halt all Tether deposits and withdrawls. The buy in for all the altcoins caused a huge spike in the prices of XRP and IOTA as well.
Although, there is also a huge and possibly the real possibility that this was all the cruel and unfair practices of a whale. A whale is a person holding a large amount of BTC or any other altcoin. An amount large enough to manipulate the entire market which at this point is quite true for the cryptocurrency market as it has not reached a large marketcap. These are the current top wallet addresses with the maximum number of Bitcoin courtsey of Mr. Satoshi Nakamoto for making an open ledger.These are the Whales of Bitcoin. This was most probably a whale buying up around400 to 500 million dollar od BTC from USDT causing the price of Tether to take a huge blow and Bitcoin go up 10% in a few hours which “RIPPLE”d out into the complete frenzy we had today.The upcoming bullrun of Q4 2018 is expected to finally help all crypto enthusiasts see the light of the 1 Trillion market-cap day on the crypto markets so fingers crossed.