CMCGlossary: Bearwhale 🐳 A bearwhale is a person who has a high number of cryptocurrencies and uses their massive account to drive the price down and profit out of it. 👉 Details:
A trader that was nicknamed “BearWhale” was sighted in 2014. This person was a Bitcoin collector that was trying to sell 30,000 Bitcoin all at once at a price of $300 per coin, or $9 million in total.
Nobody at the time knew why this was the case, or why they were so eager to sell their currency. This huge sell, however, was placed through Bitstamp and was so large that it ended up distorting the Bitcoin markets and temporarily put up a wall that caused the price of Bitcoin to stall at $300 for hours while all 30,000 of the seller’s coins started selling.
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