Bitcoin Whale Reveals Crypto Strategy
The crypto market looks bloody today with most digital assets trading in the red, and Bitcoin is no exception. BTC is currently priced at 8,628.15.
Despite the massive volatility of the cryptomarket that we have been seeing lately, there are a lot of optimistic crypto predictions popping up.
Crypto whale reveals important Bitcoin strategy
It’s been reported that the head of Alameda Capital reveals the strategy behind the company’s lucrative crypto trading operation.
Two of the company’s crypto accounts are listed in the top 10 most successful of all-time on BitMEX and has earned more than $60 million each.
CEO Sam Bankman-Fried told Bloomberg that the company executes approximately $1 billion in trades on a daily basis.
What it does is spotting arbitrage opportunities between crypto exchanges, according to the latest reports coming from the online pubcalition the Daily Hodl.
“One of the trades in his first year was taking advantage of the over 30% premium Litecoin was selling for on the exchange Coinbase. He would buy Litecoin elsewhere and sell it at the premium on the biggest U.S. digital exchange.”
According to the same online publication, massive price disparities do not exist anymore and according to Bankman-Fried, the company is looking to average a profit of two basis points per trade.
He said that he took the decision to become a popular figure in the public in order to boost the company’s profile and expand the palette of clients.
Bitcoin bold prediction
It’s been recently revealed that an extremely bold prediction regarding the price of BTC popped up, and it’s pretty far-fetched at first glance.
The co-founder of Hong Kong-based crypto exchange BTCC said that Bitcoin would be going through a few more boom and bust cycles before it hits $1 million per BTC.
Not too long ago, Bobby Lee revealed this at the AIBC Summit in Malta.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.