When Bitcoin dropped from its $7400 price in recent times, huge transactions of Bitcoin took place from one crypto wallets to another, but none of them were sold. These were no small transactions, these were what the people in the industry call “Crypto whales” i.e cryptocurrency with huge values.
The total value of the Bitcoins transferred amounts to $596 million. The surprising fact is people holding on to the Bitcoin after the sudden plunge. It could be a sign that people are becoming more and more positive about bitcoin as compared to the earlier reception that the cryptocurrency met with.
It seems that the last month’s consistent performance by Bitcoin in the market and the predictions by most of the market leaders about the boon that Bitcoin will see has had an impact on people’s decisions. So, as these people wait out the storm the crypto is into right now, they are mostly positive that they will emerge happier and safer than before.
Investors are Still Ridiculing Bitcoin
The investors who are at the top of the game are still ridiculing Bitcoin because apparently, it has done nothing and it just sits there. They don’t seem to realize the trust and belief that Bitcoin has garnered from the masses. People are buying Bitcoin in spite of these investors suggesting them to not to. If that doesn’t explain the number of trust people is willing to give Bitcoin, probably nothing else can.
The talks of the investor town are still the same. People are still a little wary of the market, of the volatility of it all but they now have better resilience towards it. They didn’t just wake up one day and found themselves magically falling in love with Bitcoin, it’s the result of continuous study and observance of the market.
They have the end goal in mind. They know that these would be just small bumps on the road and ultimately Bitcoin will reach the milestone that is being anticipated by all. It might take longer than they would want to, but they are sure it is there. And their faith just might be the catalyst in Bitcoin’s success after all.
If people do hold up Bitcoin and don’t let it go, there are chances that it will emerge out of the storm sooner than later because there won’t be a loss on the entirety. The price may still stay down but the number of users will not. And that would keep Bitcoin going.