Bitcoin has been falling ever since the price reached $20,000 late last year and at the time of writing this article, it is trading at a 7 month low of $6,169. There has been market-wide sell-off for months now. In 2018 alone, the price of Bitcoin has fallen from a peak of $17,000, losing nearly 58% of its value.
Especially in the Indian market, at times of FUD there has been bigger sell-offs. Last week when Zebpay sent out a warning letter to customers that their banking services may get disrupted soon. This resulted in a huge sell-off and Bitcoin was trading $1,000 lower than the global average. This has been the common theme in most markets.However, this has not stopped Bitcoin maximalists from buying more. In fact, in a new chart depicting the total Bitcoins held by top 100 accounts has increased as the price of Bitcoin decreased. In the first half of 2018 alone, the top 100 wallets holding Bitcoins has increased their holding from 17.7% to 19.2% of the total amount of Bitcoins in circulation.The top five bitcoin wallets are held by top crypto exchanges like Binance and Bittrex. The top wallet is Bitfinex’s Cold Wallet which holds 181,539 BTC, 1.06% of the total number of Bitcoins. This data is only taking in account the active wallets instead of the dormant wallets including the ones belonging to Satoshi which have Billions of dollars in it which haven’t moved for years.
In a recent interview, Billionaire Tim Draper, an early investor in Skype predicted Bitcoin would reach $250,000 in 2022. Though it would take a huge rally for Bitcoin to reach that price, one of the things he mentioned in the interview was that he would never sell his Bitcoins anytime soon. He compared Selling Bitcoin for Fiat to selling gold for shells. This has been the common sentiment among Bitcoin maximalists and they’re betting bigger on the future of cryptocurrencies.
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