Cardano founder Charles Hoskinson reacted to the increase in the amount of Bitcoin sent to exchanges. Furthermore, he claims that Bitcoin is “already dead”. The Cardano boss is concerned about BTC’s rapid entry into exchanges. Here are the details…
Bitcoin flows towards exchanges
Bitcoin investors are transferring the asset class to other exchanges. Glassnode data shows that the 7-day moving average of Bitcoin stock market entry volume reached a 1-month high of 3,335,047 BTC. This shows that investors are not overly concerned with the current market situation as they want to sell their Bitcoins and convert their stocks into stablecoins or cash. Holders of BTC, given the massive decline in the value of all cryptocurrencies; plans to replace the main asset class with another cryptocurrency, most notably the stablecoin.
As reported by Whale Alert, a cryptographic data analysis platform, huge amounts of BTC have been transferred to the Gemini exchange in the past 24 hours, reaching hundreds of millions of dollars. Charles Hoskinson, CEO of Input Output Global, the company responsible for the research and development of the popular Cardano blockchain, responded to the development. In a gif he shared, the following expressions were included:
Stop stop! He is already dead.
Hoskinson tries to prevent the price collapse
The Bitcoin community might view Hoskinson’s comment as an insult to the top asset class. However, it is thought that the Cardano admin is just trying to stop people from downloading their BTCs. Because this will also have a negative impact on the prices of other cryptocurrencies. Hoskinson is optimistic that the cryptocurrency market will recover despite one of its biggest crashes since its inception.
The Cardano executive invites new investors to the first cryptocurrency winter. Meanwhile, he urged investors to stay calm as the market looks for a way to overcome the bearish situation. This week, there have been many negative developments in the crypto space. This has reduced the prices of all the coins on the market. Rising inflation and the collapse of major crypto projects like Terra and the Celsius Network also didn’t help. It continues to have a negative impact on cryptocurrency prices.
Investors try to recover from the loss
Following the downward movement in Bitcoin prices, most investors reacted negatively to the continued decline in prices as they had to save themselves from further losses until the market regained stability. In this case, some investors converted their Bitcoin holdings to stablecoins, while others chose to do nothing while watching events.
Bitcoin is still trading around $ 20,000. cryptocurrency.com As previously reported, veteran futures trader Peter Brandt predicts the asset class could fall below $ 13,000. Many BTC investors are not ready to take further losses. Hence, it leads to massive transfers of the world’s largest cryptocurrency from wallets unknown to exchanges.
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