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The total capitalization of the crypto-market lost $ 38 billion from last week, Wednesday 5 September. At that time, the crypto community was preparing for a rebirth of Bitcoin to levels above $ 7,500, as the total capitalization of the encrypted market amounted to $ 239 billion. The market itself now has a value of $ 201 billion, with a decline of 19% in a week. BTC is currently valued at $ 6.412 and down 10.15% in the last 24 hours.
A concrete explanation of the current market decline has not been highlighted, and many have suggested an excessive reaction to the company Goldman Sachs, withdrawing their intentions to launch
Anthony Pompliano founder and partner of Morgan Creek Digital, tweeted the following about the recent incident in the markets. [19659004] Want to know why there is not yet an approved cryptographic ETF?
We have just seen $ 100 million of Bitcoins downloaded to the market in less than 10 minutes. It caused a fall of over 5% of the price of BTC.
Some support volatility, others support manipulation. The truth is that nobody knows.
Could it be the last of the BTC whales to cash out?
The crypto community is well aware of the existence of the Bitcoin whales that still have some BTCs to dispose of in the markets. This theory continues to postulate that they were the first investors of BTC and are liquidating to switch to traditional investment options such as real estate while they retire.
In an exclusive interview with Ethereum World News, Co-founder and COO of BitcoinIRA, Chris Kline, said this about the possible decline of BTC whales in the markets.
Whales are the great protagonists, where the ocean is a metaphor of the cryptocurrency ecosystem. Although they currently have the potential to affect investment, in the long run and with the expiry of the encrypted market, I believe that their ability to impact the market will decline.
Using the time factor as a basis for this argument, the influence of BTC whales in encrypted markets is decreasing since each liquidation of their holdings during the periods of a strong BTC. History has shown that whenever BTC pumps, there is a massive landfill of large amounts of crypts that follows. As this continues, fewer individuals or organizations will have the power to download a huge volume of BTC on the markets at once, as postulated by Anthony Pompliano. This means that it could become a bit chaotic before it has improved in cryptographic markets. In the long run and once finished, it will determine the stability to which all aspire since the market began to decline in February
[Image courtesy of news.bitcoin.com]
Disclaimer: This article is not intended to give financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.
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