Number of Bitcoin whales soaring in recent days, IMF issues warning of price rise

Number of Bitcoin whales soaring in recent days, IMF issues warning of price rise

Global events earlier this year were a real test for Bitcoin, namely the blocking of bank accounts in Canada and the armed conflict between Russia and Ukraine. Perhaps these are the main reasons why the number of whales over 1,000 BTC has grown so strongly in recent days.

On the one hand we have Ukrainians who receive donations in cryptocurrencies to support the attack on their country, on the other we have Russians who are evading sanctions or just trying to protect their capital as the ruble is already 44% of it in a week has lost value.

In Canada, confidence with both government and banks also dropped significantly following the adoption of the Emergencies Act. Making the impossibility of Bitcoin seizure comes out as one of its great features.

Number of Bitcoin Whales Grows by 7%

BitInfoCharts data points to the existence of 2,040 addresses between 1,000 and 10,000 as of February 22. Thirteen days later, on Monday (7), this number increased by about 7%, as 2,179 addresses now have such amounts.

Added to the facts mentioned above, another reason such numbers may have risen is the fear of confiscation of bitcoins stored on exchanges. After all, governments can force such companies to do so.

For example, Coinbase recorded the blocking of more than 25,000 addresses associated with possible illegal activity. While other exchanges like Binance have not adhered to such sanctions, it is noteworthy that user account freezing is quite common, such as in the case of the Brazilian who had recently blocked R$6 million.

With that, the fact that more and more people are aware that exchanges are not a good place to store their cryptocurrencies may be another reason for the growing number of whales with more than 1,000 BTC (R$200 million) in their pockets. .

War is already affecting the market

Without a ceasefire and with several sanctions against Russia, the International Monetary Fund (IMF) declared this Saturday (5) that such a war will have serious consequences for the economy as supply chains already face problems. The fuel price is probably felt the fastest.

“Price shocks will impact around the world, especially for poor households for whom food and fuel account for a larger share of spending”

As a result, assets like gold and Bitcoin are seen as a possible hedge against possible price increases. The most cautious, such as journalist Gustavo Bertolucci of live coinsrecommend stocking up on food.

Finally, in addition to the growing number of whales, with a portfolio between 1,000 and 10,000 BTC, we also see a growth in the number of addresses between 0.00001 and 10 BTC. So it’s not just the whales that seek protection.

Source: Live Coins