The crypto market is undergoing a new high price fluctuation, with many traders worried about the current situation. Some have opted to liquidate their position for fear of future declines, but apparently Bitcoin “whales” have another strategy.
The Block’s research director, Larry Cermak, noted that two-thirds of Coinbase customers who own large amounts in BTC have bought cryptocurrencies in the last 24 hours.
“It is interesting that, according to Coinbase data, 67% of customers with large BTC holdings (top 10%) buy instead of selling within the last 24 hours.”
Interestingly, according to Coinbase’s data, 67% of customers with large BTC holdings (top 10%) are buying rather than selling in the last 24 hours. pic.twitter.com/mOfNMbscuc
– Larry Cermak (@lawmaster) August 15, 2019
Cermak also added that 88% of Coinbase customers with large XRP stakes buy instead of selling within the last 24 hours. It is interesting to note that the XRP price has dropped to its lowest levels in almost a year.
Bitcoin fear index reaches record high for 2019
The Bitcoin fear index, which measures fear and greed in the market, reached an extremely low level yesterday. This aspect has not been encountered since the crypto winter of 2018. The index reached the value of 13 – the equivalent of “extreme fear”, the lowest level in the last 245 days.
The last time this level was reached was when Bitcoin dropped to $ 3,200 in mid-December 2018. The scale is from zero to one percent. The bottom indicates “extreme fear”, while the upper level is “greed”. The factors taken into account are: volatility, market moment / volume, social media, surveys, dominance and trends.
The decline in the index was correlated with the BTC drop below $ 10,000, for the fourth time since cryptocurrency has risen to this level.
The BTC returned over $ 10,000
Bitcoin has already begun to recover losses, the drop below $ 10,000 took just 7 hours according to Tradingview.com. Many analysts believe the price will drop again in the coming period. So, those who missed the opportunity this time, can take the opportunity.