Bitcoin Whale Alert CEO on BTC’s Price Drop in October

• Bitcoin whales have a very significant influence on the cryptocurrency market, according to a new report.
• Whale Alert CEO on BTC price drop in October.
• New Whale Alert Twitter to launch a new platform in two months.

Bitcoin whales have a tendency for keeping everything in check when it comes to the crypto space. 

In a new interview with SFOX, the co-founder and CEO of Whale Alert, Frank - who doesn’t like to use his last name - looked into how bitcoin’s price volatility may actually connect to these big transfers.

Frank recalls back to a few weeks ago to 18th October when Whale Alert Twitter revealed what seemed to be a huge impact on the market and auction of Bitcoin involving a darknet child pornography ring. He said:

“In Korea, there was an illegal child porn website on the darknet; the Korean police confiscated a lot of Bitcoin from them. Those BTC were auctioned; one of the transactions we caught was ten thousand bitcoins that were part of that auction, and they likely went to Binance.”

He continued, “almost directly after that big transaction, the price of BTC dropped.”

For those that don’t know, the Whale Alert Twitter account is dedicated to “live tracking of large crypto transactions from and to exchanges” for some of the top coins in the market.

The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions. So when compared to other financial sectors, the crypto market is pretty small.

A new platform is coming from Whale Alert within the next 2 months so it will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!