Ripple sinks on ‘Bearwhale’ sell-off rumours
Cryptocurrency prices fell sharply on Wednesday, partly in reaction to delays over regulatory decisions in the US on the listing of bitcoin exchange-traded funds.
Bitcoin – the number-one cryptocurrency by market capitalisation – was down more than 8% to its lowest level in nearly a month, but its losses were eclipsed by those of third-placed rival ripple.
There were suggestions on Reddit by a user named bdredditor that a ripple “whale” – an investor with extremely large holdings – known as the “Bearwhale” had disposed of around 10 million coins worth around $5bn.
“Most of the heavy dumping was done into volume spikes, usually during rallies or bounce backs. He dumped a lot in the last 48 hours,” said Corak, a member of the XRP Chat website.
While the identity of the “Bearwhale” remains unknown, some have suggested he is Jad McCaleb, the co-founder of the Ripple network.
At its worst on Wednesday morning, the price of a ripple token had fallen by more than 18%.
Iota sell off continues
Iota also fell heavily for the third-straight trading session following news that erstwhile partner Sirin Labs was no longer planning to use Iota’s “Internet of Things” blockchain for its next generation of blockchain enabled smartphones.
Here’s a round-up of the price moves in the top 10 cryptocurrencies during late morning trade in London on Wednesday:
- Bitcoin -8.3% at $6,505
- Ethereum -10.8% at $369.53
- Ripple -17% at $0.35
- Bitcoin cash -14.9% at $616.50
- Eos -16.7% at $6.06
- Stellar lumens -11% at $0.22
- Litecoin -13.8% at $65.86
- Cardano -10.7% at $0.12
- Tether unchanged at $1
- Iota -16.5% at $0.66