© Reuters
Investing.com – The crypto market continues to fall and with it Bitcoin. Indeed, investors have been rushing to sell their holdings to back up their gains for several weeks now.
However, some still believe that cryptos and Bitcoin still have a future despite the uncertain market situation. Thus, Mike McGlone, commodity strategist at Bloomberg, believes in the possibility of a comeback of BTC, acknowledging its value as a reserve digital asset.
“Cryptos are at the top among risky and speculative assets. If risky assets decline, it helps the Fed fight inflation. By becoming a global reserve asset, the could be a prime beneficiary in this scenario.”
The analyst expects the trio – BTC, ETH and stablecoins – to maintain their dominance throughout 2022.
The whales are getting their fill
The vertiginous fall in prices has attracted another type of investor, those whose vision remains long-term and who are not afraid of market reversals. Indeed, long-time holders are determined not to sell and would represent 60% of the overall supply of BTC.
Additionally, large trades continue to rise as the price falls. The number of transactions exceeding 100 BTC is significantly higher this week, showing the appetite of large investors for crypto. On the other hand, this enthusiasm could also help stabilize the price.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.