Ripple sinks on ‘Bearwhale’ sell-off rumours

August 08, 2018
Chris Wheal

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.

A crypto whale is rumoured to have sold large sums of ripple this week

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.

Bearwhale activity

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.

Bearwhale is active again… from Ripple

“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

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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