Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Michael SaylorThe founder and CEO of business intelligence giant MicroStrategy issued what could be interpreted as a comment on today's Bitcoin withdrawal which coincided with the 2024 winter holiday period.
Saylor reacts to Bitcoin price decline
After the world's leading cryptocurrency rose nearly 6% to reclaim the $99,400 area on December 24 before Christmas Day, BTC then managed to trade in this range for two days, reaching $99,881. Today, it is down roughly 4.57%. As of this writing, Bitcoin is trading at $95,203 per coin.
Saylor posted an AI-generated photo of himself sitting in front of a laptop with the letter "B" on it, meaning Bitcoin, and a Christmas tree in the background. “Take a vacation,” MicroStrategy’s Bitcoin chief tweeted to his X followers.
As of now, as a result of the significant decline in Bitcoin prices, the cryptocurrency's market capitalization has lost approximately $2 trillion in value.
Related to
Bitcoin Likely to Drop 30%: CryptoQuant Founder
However, according to founder and CEO of data aggregator CryptoQuant Ki Young Ju, Bitcoin will not fall less than 30% from its current price level. 30% of the current BTC position on the charts would amount to $28,832. Therefore, a 30% decrease would involve approximately $67,275.
However, even if this potential drop actually happens, as Joe tweeted, it will be short-lived and Bitcoin will quickly recover more than 30% after the drop.
Joe tweeted that this year, many financial institutions and whales have purchased large amounts of Bitcoin via privacy transactions. Roughly 1.55 million bitcoins were purchased this year in regular purchases, though — through Bitcoin exchange-traded funds and MicroStrategy.
However, the CryptoQuant founder pointed out that $7 billion enters the market every week, so whales are buying a lot. However, he admitted that CryptoQuant was unable to identify whales that bought between 240,000 and 420,000 bitcoins this year using privacy transactions.
Source link