As a researcher with a background in cryptocurrencies and blockchain technology, I find Samson Mow’s perspective on the current Bitcoin price correction quite intriguing. His belief that whales are buying up the dips during this decline is not an uncommon theory among crypto enthusiasts. However, his assertion that Bitfinex whales in particular are responsible for these purchases adds an interesting layer to the narrative.
As a researcher studying the cryptocurrency market, I’ve come across Samson Mow, Bitcoin advocate and CEO of JAN3, a company dedicated to increasing Bitcoin adoption. Recently, he weighed in on the ongoing price correction of Bitcoin. Despite the current market downturn, Mow maintains an optimistic outlook, echoing his previous statements about long-term investors, who are often referred to as “diamond hands,” continuing to buy and hold Bitcoin.
Mow reveals what’s happening to Bitcoin sales
As a Bitcoin analyst, I’ve noticed the digital currency’s persistent downtrend approaching the $57,000 mark. Bitcoin maximalist Mow posits that investors selling Bitcoin at this time are unwittingly allowing large-scale cryptocurrency investors, or “whales,” to accumulate more BTC in their possession.
As a researcher studying the cryptocurrency market, I’ve noticed that Mow holds a strong belief: whales from Bitfinex are actively purchasing the dips in Bitcoin at present. Yesterday, the leading digital currency took a hit, shedding 4.46% and dropping from around $60,380 to its current price of approximately $57,650. Over the weekend, Mow voiced his prediction that the market will effectively soak up all Bitcoin sell-offs, regardless of the volume.
Finex whales are buying it up.
— Samson Mow (@Excellion) July 4, 2024
Over the past week, starting from Monday, Bitcoin has experienced a significant drop. Its value has decreased by approximately 9.52% and is now hovering around the current price point shown above.
This week, the US unemployment report was released with worse-than-anticipated numbers, leading to a significant drop in Bitcoin’s price. Additionally, both the German and American governments have sold substantial amounts of Bitcoin and Ethereum, transferring them to exchanges like Coinbase, Binance, and Bitstamp.
As a researcher studying the cryptocurrency market, I’ve observed that Whale Alert has reported significant Bitcoin transactions between anonymous wallets during this ongoing bear market. Specifically, there have been five consecutive transfers: one for 13,474 Bitcoins, another for 9,445 Bitcoins, followed by 9,952 Bitcoins, then 10,486 Bitcoins, and lastly, 3,000 Bitcoins. The combined value of these transactions in fiat currency is approximately $2.7 billion.
Dogecoin founder comments on BTC plunge
As a researcher studying the world of cryptocurrencies, I came across an interesting development today. Billy Markus, one of the co-creators of Dogecoin back in 2013, utilized his Twitter handle @BillyM2k to share some insights on the recent significant decline in Bitcoin’s value.
Markus succinctly expressed the current state of Bitcoin in only two words in his tweet: “Bitcoin troubles.”
Markus frequently expresses his views on popular controversies, including cryptocurrency, in a humorous or lighthearted tone to his 2.1 million followers on the X platform. Based on his past tweets, it appears that he holds the belief that the crypto market can be erratic and unforeseeable.
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2024-07-04 13:14