- BTC bleeds for the sixth =-day market crash.
- Directly impacts the trade of BTC due to fear of loss.
- BTC whales hit lowest in 18 months.
The market tends to be on the downside for the sixth day in a row. The entire crypto market is suffering deliberately. On behalf of this, many other attributes of the blockchain and the crypto industry such as the Non Fungible Token (NFT) and much more are all bleeding together.
In spite of all this, Bitcoin (BTC) has been in continuous bloodshed for the past week to date. And so, many other tech firms and organizations, and communities are directly or indirectly dependent upon BTC.
As BTC top hits the lowest in the past ten months. This in turn has stirred up a fire among the investors and investment firms, whether to continue holding up or buying at dip or sell off at losses and gains practically.
Such a volatile market has indeed now brought the BTC whales to count down to extreme lows of 1775. This marks the lowest whales recorded for the past 18 months.
Fear Among Investors
Taking into account the lowest number of BTC whales recorded, the major reason behind this is the panic and fear among the investors. Panic and fear sell-offs are taking place repeatedly, thereby plunging the BTC price even down further.
Moreover, mining firms have also been actively selling off their BTC. Apart from this, the Terra Luna Foundation has also sold off about $3 Billion worth BTC. All these huge dumps altogether post as hurdles for the BTC, struggling hard to keep up around its basic $30K.
However, it’s not the same case with BTC holders of just one BTC or even less. These kinds of mere holders tend to keep up their holdings. Currently, BTC is being traded for the price of $31,705.6, with the graphs upwards by 1.03%, for the past 24 hours.
With this brink of resurfacing all eyes are on BTC with fingers crossed in hopes for the best. The next few hours ought to determine.