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Whales Transfer BTCs, Extreme Fear in Crypto Community -Breaking

by Mike Robinson

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© Reuters. Whales transfer BTCs and Extreme Fear in Crypto Community
    • Price has dropped further to $33,417.47
    • Investors are liquidating and transferring their cryptocurrency, creating a bleeding heart in the crypto market.
    • Many analysts believe that there will be more losses. However, others remain positive.

The cryptocurrency market has begun to turn red, much to the dismay many. Bitcoin, along with other major cryptocurrency coins has plunged headfirst. Bitcoin is currently trading at $33,417.47, a remarkable drop of 3.34%. This means that in one year, the coin’s price has fallen by 43.0%.

According to data from Bitcoin Fear and Greed Index, the coin is currently in “extreme fear” mode. The Twitter post (NYSE.) comments reveal how investors were shocked by the abrupt drop in confidence. “Lowest I have seen in years,” says one user, while another says, “We are falling.”

A pessimistic indicator is the fact that BTC has been transferred to Coinbase and sold in large quantities in recent hours. Whale Alert shared on Twitter details of 1500 BTC being moved from an unknown wallet into Coinbase (NASDAQ). Another incident saw 12,852 BTC being transferred from an unidentified wallet to another unknown wallet.

WatcherGuru reports that $320 million worth of cryptocurrency assets have been removed from the market within the last 24 hours. This is a reflection of investor confidence.

Investors on Twitter don’t seem pleased with these developments but are still hopeful. “It’s a bad dream,” says one user, while others say, “Adoption is at an all-time high and growing daily” and “Bitcoin will hit $10,000 this year.”

Renowned trader Peter Brandt, who has often predicted some of Bitcoin’s biggest moves, claims that Bitcoin and crypto in general are on the edge of a dot-com-like crash.

William Clemente and several others, however, believe that this dip in the market is temporary. They predict that it will turn green again. The users will need to watch and wait.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

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