The cryptocurrency markets experienced quite a correction last week. The whole cryptocurrency market dropped by 11% during the week before recovering on Monday. The dip was possibly the result of a whale (a person who holds 5000 BTC or more) who sold a large amount of Bitcoin bringing the price of Bitcoin down in a matter of 24 hours. The whale sold 25000 Bitcoin on Coinbase which was worth about $215 million at the time and bought it back at a lower price for $200 million and pocketed the difference and still holds the same amount of Bitcoin. It’s obvious that there are some big players in the market now, but as more people join the market, the opportunities of these whales to make such big price changes will be less and less in the future.
One Satoshi (0.00000001 BTC) the smallest unit of Bitcoin is now worth more than more than some national currencies such as Iranian Rial, Vietnamese Dong and Indonesian Rupiah. According to a Macro Chart by a Twitter user called Bitcoin Charts, Bitcoin has always been in bull market since inception. In 2018 Bitcoin dropped 80% from its all time high. However if you look at the lowest price point during a given year and compare it to the following year’s lowest price then the macro level chart shows that Bitcoin has never actually been in a bear market.