Bitcoin falls 8 percent; whales to blame – June 4

📈 30 Second Price Summary

Current Bitcoin Price$7633

Over the weekend Bitcoin and other cryptocurrencies slowly rose up by about 3-5%. Today, the market has taken a hit averaging just under 8%. Bitcoin is down exactly that much, while Ethereum and XRP are down 6% and 9% respectively.

Top Stories for 4th June 2019 🔥

👉 Bitcoin falls 8 percent; whales to blame

Compared to traditional financial markets, the cryptocurrency market really doesn’t have a lot of volume — and it has even less regulation. This makes it the perfect target for traders looking to pump-and-dump for a quick profit.

Bitcoin dumped about 8% earlier today, leading users to speculate on the cause. One Reddit user made the astute observation that a whale had deposited $215 million of Bitcoin to Coinbase earlier today, quickly dumping the currency before rebuying. The theory suggests the trader walked away with $15 million in profit and just as much Bitcoin as when they had started.

👉 Vitalik Buterin calls BSV a “scam”

Bitcoin SV is a controversial cryptocurrency project, spearheaded by the even more controversial Craig Wright. Wright, who has made numerous provably false claims even in courts of laws, has sparked a lot of controversy in recent months.

Ethereum founder Vitalik Buterin, when asked for his thoughts on the project, called Bitcoin SV “a complete scam.” He also commented on the large amount of power Binance holds, referring to their recent decision to delist Bitcoin SV.

👉 Aphelion DEX founder continues slow exit scam

Speaking of traditional exchanges like Binance, the alternative — decentralized exchanges — have been slow to develop. A cryptocurrency project called Aphelion has been working on their own autonomous exchange for quite some time, but not everything is as it seems.

With a dead Telegram channel and no new updates, it appears that the founder of Aphelion, Ian Holtz, has given up on the project. It seems he’s now living in Bali, using the project’s ICO funds to live a luxurious lifestyle.