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Samson Mow Reveals What’s Happening to Bitcoin as It Drops Towards $57,000
Yuri Molchan
A Prominent Bitcoin Maximalist Remains Bullish on BTC Despite Price Crash, Here’s Why
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Samson mows downBitcoin advocate and CEO of Bitcoin adoption-focused firm JAN3, commented on the current Bitcoin price correction. He shared his positive opinion, continuing his recent narrative about diamond hands adding BTC to their long-term investments.
Mow Reveals What’s Happening to Bitcoin Sales
Now that Bitcoin continues its aggressive decline and is approaching the $57,000 level, Bitcoin maximalist Mow believes that everyone who is selling BTC now is just letting the crypto whales buy them.
In particular, Mow believes that Bitfinex whales are buying all the dips right now. Today, the world’s leading cryptocurrency extended its slide, losing 4.46% and falling from around $60,380 to $57,650, where it is changing hands at the time of writing. Over the weekend, Mow tweeted that he expects the cryptocurrency market to absorb all the current Bitcoin sell-off, regardless of how much BTC is dumped from “paper hands.”
Overall, Bitcoin has dropped by 9.52% since Monday, dropping from the $63,640 zone to its current price (see above).
This week, the US unemployment report came out, and it was more negative than expected. It contributed to the current sharp decline in the price of Bitcoin, as people’s purchasing power also turned out to be quite low. Also, this week, the German and US governments sold large stocks of Bitcoin and Ethereum, sending them to Coinbase, Binance, and Bitstamp.
As the Bitcoin bloodbath continues, Whale Alert has noticed a huge amount of BTC being exchanged between anonymous wallets. Five consecutive transfers, transporting 13,474; 9,445; 9,952; 10,486 and 3,000 Bitcoin. Together, these transactions are equivalent to $2.7 billion in fiat.
Dogecoin Founder Comments on BTC Crash
Earlier today, Billy Markuswho co-created the largest meme cryptocurrency, Dogecoin, in 2013, used his X account to make a public statement regarding Bitcoin’s current sharp decline.
He summed up what’s going on in just two words. “Bitcoin damn,” Markus wrote in his tweet.
Markus often shares his opinions on various hot public topics, including cryptocurrencies, in a humorous or playful manner with his 2.1 million followers on the X platform. According to his previous tweets, he believes that the behavior of the cryptocurrency market is chaotic and unpredictable.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many ways. He has written for several media outlets about cryptocurrencies. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.