Global markets, including crypto, experienced significant selling preassure, which led to major price corrections.
Bitcoin briefly dipped below $50,000 and the whole crypto market lost hundreds of billions in no time.
During this period the top institutional Bitcoin holders – MicroStrategy, BlackRock, Fidelity and Grayscale haven’t sold any of their BTC holdings.
BlackRock currently holds 344,070 BTC worth $18.41 billion, Fidelity holds $9.67 billion, Grayscale has $12.83 billion, while MicroStrategy holds over $25 billion.
At the time of writing, Bitcoin has recovered from the daily bottom, currently trading at $54,300 with $104.4 billion volume.
A prominent cryptocurrency analyst believes that the Ethereum-Bitcoin (ETH/BTC) trading pair is nearing a cycle bottom.
VanEck CEO Jan van Eck has made an ambitious forecast for Bitcoin, suggesting that BTC could mature to capture half of gold’s total market capitalization.
The competition in Bitcoin (BTC) mining has escalated recently, with China taking the lead over the United States.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.