Bitcoin May Face a New Slide Down in June; BTC Whales

From the beginning, 2022 seems to be a challenging year for cryptocurrencies. Due to the most terrible fall, Terra USD is in a difficult situation. As for Bitcoin, if we take the predictions seriously, the most potent and popular cryptocurrency is on the verge of a new fall in the coming months. Consequently, there will be a loss in crypto wallets. It has already fallen below $30,000, which means a reduction of more than 50 percent. Several factors have been identified for such a situation as interest rate hikes, spiral inflation and the Russia-Ukraine war. However, there may still be something in the form of BTC whales performing.

In August last year, after a significant drop, Bitcoin returned to the market again for 50,000 USD. The aim for such a powerful performance was the BTC whales. With significant investments of at least 10,000 in each case, Whales form the Bitcoin community individually and collectively. What happened then was that Bitcoin investors began to return on investment by changing their selling act; When the price of the cryptocurrency declined. However, it seems that the situation is different now. The next question is whether BTC Whales decide to leave to improve their cryptocurrencies.

The signal was found in January of this year; When one discovered that whales were far from the market at the time, Bitcoin fell, and there marked a less chance of recovery. There are veteran market observers who point out that the downward trend this time around has every chance that Bitcoin has taken a heavy hit, from which recovery will be difficult.

Bitcoin Future – Bright or Dark?

By the way, even before mid-May, Bitcoin experienced a three-month low. This is not the lowest cryptocurrency in history; however, there is cause for concern. Much counts on the decision and action of the lead whales. However, so far, they are busy leaving and selling. By doing so, they are accelerating the market downturn for the once-precious cryptocurrency.

Experience has shown that as soon as trust in a particular currency network starts to fall, It becomes difficult to recover. Bitcoin is currently undergoing a small recovery process, and some adjustments are being made. However, this does not raise good optimism about the return of this popular crypto.

Expectations and Thoughts

Bitcoin fell 3.6% last week to close at $ 29,900. Ethereum lost 5.8%, while other leading altcoins fell in the top 10 from 5.4% to 9.2%. The exception was Binance Coin. It is worth noting that the total capitalization of the crypto market has changed slightly in the last seven days to 1.29 trillion. The decline at the beginning of last week essentially changed the ending. The cryptocurrency fear and greed index fell 4 points to 10 on Monday.

Bitcoin has been declining for seven consecutive weeks amid sales on stock exchanges. Bitcoin is at the level of 30 thousand dollars on the 13th day of trading. The weekends were almost traditional purchases by retail investors. However, their strength only allowed them to recover from Friday’s loss.

Let’s consider Bitcoin as a leading indicator of risk demand rather than reducing movement in the S & P500 or Nasdaq. We may find ourselves where a dog holds the tail. The CEO of Galaxy Digital said that the Altcoin market would collapse by another 70% due to the US federal policy and the downward trend. Microsoft co-founder Bill Gates said he only invests in assets that “pay off.” In his opinion, cryptocurrencies do not fall into this category.

Conclusion

One of the creators of Dogecoin noted that the cryptocurrency market is a mixture of unhealthy optimism, FOMO, panic, fraud, gambling and general nonsense. He said he had not been involved in the DOGE project for more than 7.5 years. However, he describes himself as a supporter of the coin. According to the head of the ECB, unlike digital currencies of the central bank, Cryptocurrencies have no value and are not based on anything.

A group of G7 finance ministers pointed to the importance of accelerated legislation for regulating digital assets, UST, after the collapse of the stable currency and LUNA cryptocurrency.