Bitcoin believers waited for a global economic crisis for years, hoping it would prompt investors to inject hundreds of billions of dollars into the cryptocurrency’s small, illiquid market. But the narrative failed big time as bitcoin came face to face with a real market-crisis-in-making, led by the Coronavirus pandemic.
The bitcoin-to-dollar exchange rate fell by more than 66 percent in just 28 days, hit by a global sell-off that crashed stocks, gold, silver, all in tandem. Professional investors sold part of their portfolios to meet their shareholders’ redemptions. Individuals got out to protect their retirement savings from steep declines. And some just left because they saw no hope for a market revival.
But then, the market – especially that of bitcoin – has not lost everything.
Bye Bye, Weak Traders
Fundamentally, its crash from $10,000 to $3,900 has wiped out weak hands. Investors with higher risk appetite are still holding onto their tokens or buying it cheaper, according to data provided by HODL Waves. It shows that around 40 percent of the cryptocurrency has not left wallets in the past two years.
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