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2024-04-16 01:00:53
Large investors are in no hurry to buy cheaper Bitcoin amid geopolitical instability. The lack of activity on the part of large players indicates their expectation of further price reductions, experts believe.
As Day.Az reports with reference to RBC, CoinDesk writes about this.
The cryptocurrency market experienced a sharp drop on the night of April 13-14, caused by rising tensions between Iran and Israel. Bitcoin fell to $60.8 thousand, Ethereum fell below $3 thousand, and altcoins fell in price by 20-30%. However, by the morning of April 15, Bitcoin recovered its losses, rising above $66 thousand. The recovery occurs against the backdrop of the approval of the first spot ETFs for Bitcoin and Ethereum in Hong Kong.
According to analysts at IntoTheBlock, large Bitcoin holders, who own 0.1% or more of the total supply of coins, spent $198 million on April 15, purchasing about 3 thousand bitcoins. This is significantly less than the purchases of 80 thousand bitcoins worth $5.3 billion on March 20 after a similar fall in bitcoin below $61 thousand.
Investors in the risky asset market, which experts include stocks and cryptocurrencies, responded to the worsening geopolitical situation by fleeing to gold. In addition to gold, the US dollar is also strengthening.