As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The recent transfer of 1,652 BTC by Galaxy Digital to Coinbase Prime has certainly piqued my interest. With a background in both traditional finance and cryptocurrencies, I can’t help but see this move as a potential game-changer for the crypto market.
According to reports from Lookonchain, it was recently disclosed that Galaxy Digital moved a significant quantity of Bitcoin to the Coinbase Pro trading platform.
The cryptocurrency-focused investment fund is led by Michael Novogratz, a well-known advocate for Bitcoin and a former partner at Goldman Sachs.
Those were four massive transfers that carried a total of 1,652 BTC worth $89,928,189.
The cryptocurrency community was set abuzz by the news of this transfer to Coinbase Prime as multiple crypto enthusiasts left comments under the tweet, expressing their deep concern over this sale by Novogratz’s company.
Bitcoin price plunges pushed down by this trigger
Over the last day, Bitcoin has experienced a decrease of approximately 5.65%, with a significant drop in one hour leading to this decline. Initially trading at around $56,590, it fell to $53,400 before seeing a minor rise of 1.53%. Now, the leading cryptocurrency is being traded at roughly $54,354 per coin.
Bitcoin experienced a significant drop in value, triggered by mass selling on the stock market, which followed Nvidia’s sell-off, after they received a subpoena from the U.S. Department of Justice.
Despite Nvidia’s (NVDA) persistent decline affecting both U.S. stock markets and cryptocurrencies, the options market remained rather tranquil overnight. In fact, significant put options were sold throughout the day. Currently, we’re monitoring lower volatility in the front-end markets.
— Wu Blockchain (@WuBlockchain) September 7, 2024
Behavior strategy in case Bitcoin falls to $40,000 by Samson Mow
As an analyst, I’m referring to a recent tweet from Samson Mow, CEO of JAN3, where he expresses his insights on the current mood within the cryptocurrency market. Contrary to some traders’ speculation that Bitcoin might plummet to $40,000, Mow’s comments suggest a different perspective.
If you’re someone who subscribes to that particular viewpoint (and I don’t personally), Mow presented several strategies for action. The first strategy was “HODL and continue accumulating.” The second one slightly varied – “HODL but stop adding.” The third option was to liquidate all your Bitcoin holdings and walk away in anger. Lastly, he suggested selling everything and then attempting to buy the market low point.
Nevertheless, Mow cautioned that given his conviction that Bitcoin might eventually hit $1 million, there will initially be a “sat/cent equivalence” followed by a “sat/dollar equivalence.” Consequently, he clarified, options two and four are not favorable bets due to this reasoning. Additionally, attempting option four would require a significant amount of luck, Mow added.
Ultimately, Mow summarized his tweet as, “Considering all available information, option number 1 seems to be the most profitable choice.” This can be interpreted as “Hold on (HODL) and continue accumulating.
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2024-09-07 23:10