Bitcoin Now Available To Small Investors
From the beginning of June, we can observe a decline in the price of Bitcoin. The difference from the price peak is around 70%. So how did the market react to this situation?
According to Glassnode, large investors are getting rid of Bitcoin and the number of wallets with over 100 BTC has dropped by 136 addresses. At the same time, the number of micro investors with at least 0.1 BTC has increased significantly. On the other hand, about 14,000 turned out to be investors who have at least one coin. It is a chance for them to buy the most popular and oldest cryptocurrency.
We have now witnessed a situation that had never happened before. Miners sell their coins at a loss. And all because in the face of such large declines, Bitcoin mining has simply become unprofitable. The data show that the miners sold all of their May production.
What’s more interesting, the current whales are turning into arch whales — what does this mean? In short, accumulation of BTC in the hands of several people or institutions. There are currently only five wallets with over 100,000 BTC. It is obvious that big players have no problem buying extra coins in such a strong downtrend. But such a large accumulation on several wallets could potentially ruin the market. The stock market will not be able to carry such a large amount of coins worth around 16 million dollars. It can be expected that these are the wallets of institutions (e.g. exchanges) that accumulate Bitcoin. This is a good sign for the future and a signal that this is not the end of Bitcoin.
The current situation is also water for the BTC critics’ mill. Recently, Chinese media have tried to discourage Chinese citizens from investing in Bitcoin by suggesting that its price could drop to zero. Peter Schiff (a gold supporter and one of the biggest opponents of Bitcoin) stated that the exchange rate of the oldest cryptocurrency will drop to $ 6,000 and then to $ 3,000. Recently, BTC has cost so much in 2019. It only fuels the panic that is already reigning in the cryptocurrency market.
Robert Kiyosaki also commented on the decline in Bitcoin’s price. He is the author of the best-selling book “Rich Dad, Poor Dad”, thanks to which he was successful and recognized all over the world. Namely, he believes that this is not the end of BTC declines. On his Twitter account, he wrote: “I am waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If it does not I will wait for losers to “capitulate”, quit, and then buy more”.However, industry websites see a mistake (his tweets are full of typos) and believe that Kiyosaki thought rather about USD 11,000. It is also worth mentioning that the author correctly predicted the previous the drop in price. Namely, when the BTC price was around $ 29,000, he wrote about testing the $ 17,000 limit.
Robert Kiyosaki continues to express his support for Bitcoin and cryptocurrencies, arguing that fiat money is currently in the hands of corrupt organizations and that cryptocurrencies are to become their alternative.
