Crypto Investors Who Bought Bitcoin at $1,000 are Now Starting to Sell

Neutral Crypto Investors Who Bought Bitcoin at $1,000 are Now Starting to Sell

According to Michael Moro, the CEO of a major over-the-counter (OTC) crypto trading firm, investors that bought Bitcoin in early 2017 are now starting to sell.

Speaking to T he Block, Genesis Global Trading CEO Michael Moro, who provides institutional investors access to block size liquidity to purchase or sell cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash, said that large investors have started to move funds garnered when the price of Bitcoin was just about $1,000.

"We are seeing the folks who bought in early 2017 sell for the first time today," Moro told Frank Chapparo, adding that the majority of Bitcoin investors that bought into the market in the first quarter of 2017 have started to see near to zero return on investment off of their cryptocurrency investment.

Bitcoin at $4,200

On November 20, CCN reported that the price of Bitcoin reached a new yearly low once again for the second time in a week, falling below the $4,200 mark to $4,170 on fiat-to-cryptocurrency exchanges like Coinbase and Kraken.

The price of Bitcoin on cryptocurrency-only exchanges did not drop below $4,400 due to the premium on the Tether-to-BTC pair created by a decline in the price of the US dollar-backed stablecoin.

"The bears aren't even pushing, BTC is just free-falling. Very weak dump, imagine what it looks like when the volume comes in. A short-term reversal could happen at any moment - shorting with high leverage is a terrible idea. However, if you are trying to knife catch, be patient. No one should be in a rush to long this," one technical analyst said.

However, over the past 12 hours, the volume of BTC has increased from around $5 billion to $8 billion, by more than 60 percent, suggesting that BTC could establish a bottom-like trend in the low region of $4 billion.

Throughout the past two days, the volume of BTC remained relatively low despite its steep decline from $5,500 to $4,300, leading investors to be concerned about the short-term trend of the digital asset.

Gloomy Period For BTC

In consideration of poor market conditions and the intensity of the drop of BTC in the past five days, investors, even those that bought BTC at $1,000 to $2,000, are expected to sell a significant chunk of their holdings fearing a further drop below major support levels.

Investors from the first quarter of 2017 are still up 50 to 100 percent on their investments. But, the cryptocurrency market has not seen a correction of this scale since 2014, when the value of BTC dropped by more than 85 percent.

BTC is yet to achieve an 85 percent drop from its all-time high at $19,500. An 85 percent drop from $19,500 is $2,950, and the dominant cryptocurrency would have to drop by more than 32 percent from $4,400 to dip below $3,000.

If investors from nearly two years ago are starting to clean up their portfolio, the vast majority of investors who entered the space in mid to late 2017 have likely existed from the market. The next mid-term rally of BTC and other major cryptocurrencies would require a new wave of investors, which could result in a months-long consolidation period.

Featured image from Shutterstock.

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11/20/2018 / 15:14:14 Source: ccn

News | Bitcoin | | BTC|Business|Trading|ETH
BTC
1 BTC=$3,926.44
XRP
1 XRP=$0.3196
ETH
1 ETH=$144.77
EOS
1 EOS=$3.79
BCH
1 BCH=$140.06
XUC
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