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Lack of valuation tools leaves cryptocurrencies susceptible to large single participants — or bitcoin whales

Market Watch
Lack of valuation tools leaves cryptocurrencies susceptible to large single participants — or bitcoin whales

Digital-asset prices limped out of the gates Thursday, as investors took stock after Wednesday’s record fall, which saw most major coins post double-digit losses. After a frantic session that saw bitcoin threaten to make a new low for the year, the No. 1 digital currency is off to a much quieter start, with a single bitcoin BTCUSD, -1.03% changing hands at $6,339.63, up 0.4% since Wednesday at 5 p.m. Eastern time on the Kraken cryptocurrency exchange. As pundits sought to explain Wednesday’s decline, Element Digital Asset Management said the lack of pricing information in the cryptocurrency market leaves coins susceptible to significant price swings driven by single entities, often referred to as bitcoin whales.