New research has shown that the native currency of blockchain powerhouse, Ethereum is owned by less than 400 people.
The users, which are known as whales, were revealed by crypto researchers, Chainalysis who were exploring the impact such users have on the industry. According to the research, that number was actually higher before in previous years though.
This is no need to be concerned though. As per the research, “whales are often the scapegoats for any major price fluctuations” but for Ethereum this doesn’t seem to be the case.
These traders makeup just a mere 7% of the trading activity and are seemingly merely sitting on the coins. Stating “these whales have no meaningful impact on the price of Ether; they do, however, make the market more volatile on a daily basis with their large sell-offs.”
The research did reveal though that these whales can affect volatility though. Attempting to find out whether or not by placing fewer, but larger orders can cause such vast fluctuation similar to what been witnessed over the last few weeks. They used the vector autoregression (VAR) model to test this over a three-year period.
They found that when “a whale that sends 1 million USD worth of ether two days ago leads to a 0.1 unit increase in intraday volatility today,” but noted this is very minor. While funds received have no impact. They also found that Ether prices follow Bitcoin prices, with a 1% increase in bitcoin leading to a 1.1% increase in Ether.
The world’s most popular Youtuber, PewDiePie has caused a massive 67% increase on subscribers since joining DLive. Back in April, we reported on how the Swedish-born gamer and YouTube personality was set to join DLive, a gaming platform built on cryptocurrency. Well, it seems that he has made quite an impact already as their subscribers […]
According to reports from the local press, the cybercriminal was apprehended in the small Dutch city, Apeldoorn. The suspected has been identified as Berry van Mourik who back in 2017 accumulated $2.2million via a mining rig scam. Van Mourik had held the position as a senior executive of two firms which sold rigs. He promised […]
Two UK financial bodies have revealed that Britons lost a staggering £27million in scams involving cryptocurrency and Forex exchanges over the course of 2018/2019. The figure was uncovered by The Financial Conduct Authority (FCA), a UK financial watchdog, and, Action Fraud, a centre for scams and cybercrime. They revealed that most of the crime was […]
The second largest cryptocurrency in the world, Ethereum, has seen its largest weekly trading volume in over 19 months. The huge level of trading occurred at one of the industry’s leading exchange platforms, Coinbase. Where between last Monday and yesterday it saw 3,675,570 units trade in total, which would be valued in the range of $904.1 […]
The notorious online auction site, eBay has refuted claims that they are intending to allow cryptocurrency transactions to made on their service. The rumours first popped up at the Consensus 2019 Summit, where leaked promotional adverts that read “Virtual Currency. It’s happening on eBay” seemed to indicate a move towards incorporating as a payment method. […]
With Bitcoin and the crypto markets experiencing a bull market, several national governments have aired their opinion on the need for cryptocurrency legislation in their respective countries. Russia’s Prime Minister, Dmitry Medvedev declared that the country is not eyeing any cryptocurrency regulation in the near future. The industry does not represent a priority for the […]
Users of the popular messaging platform, WhatsApp can now send and receive cryptocurrencies through the Lite.Im bot. For the time being Bitcoin and Litecoin will be available for such transactions, but as the system gains popularity other digital tokens are expected to join in. Used by over 1 billion people in 180 countries, the messaging […]
Exchange platform, Bitfinex, who had got into a high-profile controversy over a bailout from Tether, have been celebrating after a Supreme Court ruled in favour of a modification of the injunction proposed on them. If you had been following the news of late, then you would know that Bitfinex and Tether had come under […]