Buy the dip – the accumulation of an asset when prices fall

The price of Bitcoin fell below $ 9,000 for the first time this month. It is possible that the wave of liquidations was caused by speculation that Bitcoin owned by Satoshi Nakamoto has been moved.

40 BTCs that were mined in the first month of Bitcoin history were moved to a unknown address on Thursday. The community speculates that these cryptocurrencies are part of those controlled by Bitcoin creator Satoshi Nakamoto. Other analysts speculate that this is an old wallet owned by Hal Finney’s wife. In any case, these are some of the oldest coins in the network, which had not been moved since 2009.

The move caused a stir on crypto-Twitter and some traders panicked.

Buy the dip!

According to data provided by Datamish, over $ 80 million in XBT contracts were liquidated on BitMEX. Bitcoin fell to $ 8870 yesterday, according to CoinMarketCap.

However, many traders took the opportunity to buy. For example, Rupert Douglas, head of institutional sales at asset management firm Koine, said he intends to “buy the dip”. This is a popular phrase for accumulating an asset when prices fall in the belief that it will soon start to rise again.

“It simply came to our notice then. I’m a $ 9,000 buyer, because that eliminates weak traders before a price increase. “

Douglas explained.

Bitcoin has easily recovered from the loss and is currently trading around $ 9000.