HODLs Withdraw Crypto; Bitcoin Fails to Rally With Risk Assets
Peter David Schiff, an American economist and global investment analyst, took the rise of Bitcoin (BTC) exceeding $19000 per minute as an example and answered on Twitter the difficulties that would be encountered if Bitcoin could not rise with the rise of other risky assets. In addition, he described in detail the difficult links that BTC will experience when its risk assets gradually decline, thus bringing a lot of case clues to the scene.
According to insiders, as the first digital currency, Bitcoin is reported to be unable to bounce back with other assets. It is worth noting that on Tuesday, the US $940 million data encryption was revoked and the transaction was split into 122 bitcoins. This is similar to the bull market in 2021.
Although CryptoQuant dedicated investment analyst Regterschot ensured that the purchase and sale of Bitcoin would not affect the price of Bitcoin, the purchase and sale price of Bitcoin on Tuesday was $19233.71, indicating a decrease of 1.5%.
Clara Medalie, research director of Kaiko, commented that there has been no significant change in Bitcoin since June:
Since the beginning of June, Bitcoin has not taken any important measures, and the price fluctuates within a narrower range. Taking full account of the current low price level of Bitcoin, the trading volume has remained relatively resilient since it reached a record high last year. Although the volatility has declined sharply, the trading volume has not declined significantly since September.
In addition, Alan, a popular Twitter trader, indicated on Twitter that the price level of BTC was similar to that in the bear market stage of the stock market in 2014 and 2018, indicating that there was a macroeconomic bottom. However, Bitcoin has well maintained a higher price than its lowest price in history.
Although the rise of Bitcoin and other risk assets has declined to some extent, it is still in the upper position in history, and its price is promoted by macroeconomic factors to some extent. Specifically, the low uncertainty of Bitcoin is one of the main reasons for its position in the encryption market.