In an epic battle, bitcoin believers slayed a $9 million BearWhale on Monday morning.
If none of that made sense, here's the skinny: Someone posted a limit order to sell 30,000 bitcoins at $300 each—well below the mid-300s price level the cryptocurrency had been trading at throughout the weekend. In the still-nascent market, an order of that size spooked the market, sending prices plummeting to levels not seen since last November.
Since the incident, bitcoin has risen about 25 percent to $375, according to CoinDesk.
Bitcoin traders almost immediately named the seller "BearWhale," and the name proliferated quickly throughout social media.
I'm not quite following.
Someone sold a lot of coins very cheap and thusly made the currency plummet causing the so called bearwhale?
What heppended exactly is the "BearWhale" was someone trying to crash the Bitcoin market by selling a fuck lot of coins very cheap and therefore to prevent the market from crashing there was a scramble to buy him out and stop him before the market crashed completely, After he was bought out the price rose 25% above what he was selling his coins for. The market is still not recovered completely from this.