Bitcoin (BTC) Volatility finally cooled down over the weekend, so by May 7th I found a new home for $ 36,000.
At least $ 250 million for Terra Down Crunch
Data from Cointelegraph Markets Pro When TradingView After losing 12% in just 72 hours, it showed that BTC / USD went around the $ 36,000 mark overnight.
Still near Lowest level Since late February, the pair has avoided a rematch of 2022 lows at the time of writing, despite low market conditions over the weekend.
In the latest Twitter update on May 6, popular trader Ambessa highlighted the planned level of support for buying Bitcoin.
#Bitcoin update
Twitter friendly and simple words
BTC support, BTC fake out you want to buy. It was a very informative chop. We are currently waiting for the final HTF entry.
We are excellent. pic.twitter.com/Lt5XT5rRKw
—AN₿ESSA (@ Anbessa100) May 6, 2022
However, while some have turned to profit opportunities, concealing the losses of others, especially the loss of the nonprofit Luna Foundation Guard (LFG) that comes with the blockchain protocol Terra this week, is I could not do it. I bought $ 1.5 billion in BTC In over-the-counter transactions.
According to data from on-chain monitoring resources BitInfoCharts, LFG fell by more than $ 240 million in BTC stash at the time of writing. This does not include the latest purchases this week.
As a coin telegraph reportTerra and its co-founder Do Kwon continue to work on buying an unlimited amount of BTC to support the US dollar stablecoin TerraUSD (UST).
Meanwhile, Bitcoin’s skeptical gold bug, Peter Schiff suggestion The whale was responsible for keeping BTC / USD at $ 36,000.
February buyers may have closed their BTC position
An on-chain analysis platform that analyzes possible reasons for the range of Bitcoin losses beyond the stock market CryptoQuant It was noted that speculators may have had the highest priority impact on the proceedings of the week.
The exchange inflow revealed on the day included coins that had been dormant for up to three months, so they could be owned by more speculative investors.
Three months ago, in early February, BTC / USD began to rise sharply after hitting a low of $ 32,000. As a result, these investors will have reached the break-even point this week.
“According to CryptoQuant data, the decline over the last two days may be dominated by short-term holders. On the 5th and 6th, there was a total of 11.76k’young’BTC held for less than 3 months. It has flowed into the exchange, “said journalist Colin Wu. comment With numbers.
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