Bitcoin

Terra (LUNA) Sold 80k Bitcoins, But BTC Price Might Not Drop Below $20K. Here’s Why

Author: Elena R

Elena R right arrow

Author

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

  • author twitter

The cryptocurrency sector was founded on both transparency and anonymity. Even Bitcoin’s developer used a fictitious name, and the world may never know who was behind one of the most innovative financial inventions ever devised. However, there are many diamonds in the rough among the sea of unknown merchants, much as Satoshi’s successes and efforts should not be discounted as a result.

CryptoQuant’s CEO suggested a solution to a question about the cryptocurrency marketplace: will Bitcoin drop underneath the $20,000 stage or not? 

According to the expert, there may be a key motive why it’s going to now no longer decline any greater until precise buyers need it to. The analyst’s base is the Finex whale, who has open lengthy bets in BTC really well worth at least $1.17 billion. 

The whale has constructed massive aid for the primary cryptocurrency, that allows you to take amazing promoting stress to be broken, that allows you to now no longer manifest till a sure institution pushes the cryptocurrency charge down. Wall Street-tier financial institutions, which can be interested in obtaining virtual gold at a large discount, are the simplest institution able to impart greater than $1 billion in natural liquidity.

While the Luna Foundation Guard, which possessed billions of dollars in BTC, became a great potential seller, the marketplace now has no dealers who may pressure the charge of the cryptocurrency down so drastically. 

The LFG formerly claimed a marketplace sale of greater than $2 billion really well worth of Bitcoin, because this type of large transaction could want liquidity that no trade can offer on-demand, it became maximum, probably finished via marketplace makers and/or OTC buying and selling desks. 

After the large dispersion, we witnessed in November, Bitcoin and different cryptocurrencies must input and collect segments without a vast promoting stress lingering and maximum massive dealers gone. BTC is now buying and selling at $29,909, simply over the $30,000 support.

Show More

Was this writing helpful?

No Yes

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Back to top button