A “veteran” trader of the Bitcoin market wrote an article on Medium in which he talks about his experience in surviving a bearish cryptocurrency market. And, your expectations for the medium-term price of BTC. For him, making Bitcoin hodler is the best option despite the bearish sentiment that the market may experience at certain times.
Sylvain Saurel, who is an old acquaintance of the crypto market, says what motivated him to write about his experience as a Bitcoin trader in recent years was a user’s question. Who asked if it was already on the market in 2018, when Bitcoin fell from $ 20,000 to just $ 3,500.
Bitcoin Hodler the best choice
He says one of the phrases that prevented him from getting rid of all his Bitcoin has been the same ever since, becoming a mantra:
«Stay strong and remain a Bitcoin HODLer»
It reminds us that big successful investments are always built at times like this. When everyone panics and no one is interested in that asset more than you.
Some of the fundamentals of Bitcoin, the trader says, are what should keep the cryptocurrency growing in the future.
“People who focus only on the short-term price of Bitcoin will panic when its price drops more than 50%. Those who have a long-term view of Bitcoin will see an incredible opportunity to accumulate more. And that’s what’s at stake in the coming years with Bitcoin.”
In addition, it says that the more BTC you can accumulate, the better your future will be. The current downturn, according to the operator, has been driven by market manipulation by billionaire Elon Musk and China’s crackdown on cryptocurrencies. “In a few months, if not weeks, this will all be history.”
Traders withdraw 2,000 Bitcoin daily from centralized exchanges
The number of Bitcoins on centralized exchanges has fallen steadily since the end of May. Approximately 2,.000 BTC from exchanges daily.
Glassnode’s July 12 Week On-Chain report found that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April. Month in which BTC reached its all-time high of approximately $ 65,000.
The researchers pointed out that during the bull run that led to this peak, the decline in coin reserves on exchanges was a key issue. Glassnode concludes that much of this BTC went to the Grayscale GBTC Trust or institutions accumulated it, driving ” a persistent net outflow from exchanges.”
However, when Bitcoin prices plummeted in May, this trend was reversed: the coins were sent to exchanges for settlement. Now, the net volume of transfers has returned to negative territory as outflows increase.
UK police seize $ 250 million in cryptocurrencies
Police in the UK have seized a record £ 180 million ($250 million) in cryptocurrencies. As part of a money laundering investigation, breaking a record set just a few weeks ago.
The cryptography was discovered by detectives from the Metropolitan Police’s Economic Crimes Command Division. The law enforcement service for the Greater London area said in a statement Tuesday.
Detectives were responding to intelligence on the transfer of criminal assets.
The news comes just weeks after the Met was confiscated £ 114 million ($158 million) on June 24. At that time, the largest seizure ever made by the UK police.
Bitmain co-founder Wu says regulatory pressure is healthy for cryptocurrencies
Pressure from regulators will benefit cryptocurrencies in the long run because it eliminates bad actors, Bitmain co-founder Jihan Wu told CNCB.
Interviewed at the Asia Tech x Singapore conference, the crypto billionaire said that while regulatory pressure has increased. The higher level of interest will benefit the reputation of cryptography in general, according to CNBC.
The world’s largest economies are intensifying regulatory scrutiny of the industry: China is cracking down on mining; the US is signaling taxes for crypto; and India is trying to track and control its industry.
Wu did not say whether he was talking about regulation only in China or talking about the global trend.
Wu co-founded Bitmain, the world’s largest cryptocurrency mining platform manufacturer, with Zhan Ketuan. But he resigned after a dramatic dispute with his co-founder. He now runs Matrixport, a Singapore-based crypto financial services firm. Forbes estimated its net worth at $ 1.8 billion in September.
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