Donald Trump wind blew in the cryptocurrency market. Trump’s overwhelming victory is almost certain. Amid these developments, Bitcoin recorded a new ATH due to its crypto-friendly attitude. However, investors are now weighing whether it makes sense to sell. CryptoQuant CEO also revealed his views on this issue following the recent developments.
Bitcoin warning from CryptoQuant CEO!
As you follow from Kriptokoin.com, today the Bitcoin and altcoin market celebrated Trump’s victory. The leading cryptocurrency rose to new heights, making its investors smile. However, it remains unclear whether this upward trend will continue. Some analysts expect BTC to reach as high as $100,000 by the end of the year. However, CryptoQuant CEO Ki Young Ju sees things from a different perspective. Ju agrees that the price of Bitcoin will increase. However, he advises investors to sell coins gradually.
CryptoQuant CEO states that the price of Bitcoin could increase by 30-40% from its current levels. However, despite this, he says it will not be a boom like in the old days. Ju notes that BTC’s previous 368% increase from $ 16,000 is no longer possible. In this context, CryptoQuant CEO makes the following statement accompanied by a chart:
New investors often hold BTC during bear markets and endure losses. After about two years, when the pain eases, they change hands. That time is now. It can go up +30-40% from here, but not like the +368% we saw from $16k. It’s time to think about gradual selling, not buying everything.
Crypto whales pull $133 million BTC from Binance
According to on-chain observer SpotOnChain, whales withdrew approximately $133 million worth of Bitcoin from Binance in a single day. This notable accumulation by whales reflects growing confidence in Bitcoin’s resilience despite current price volatility. These withdrawals involved 11 new wallets that accumulated 1,807 BTC, representing a significant inflow of capital into private wallets. These actions are driven by various strategic reasons. However, it generally points to faith in Bitcoin’s long-term growth potential.
Election day volatility and its impact on the crypto market
The US presidential election has led to high volatility in global markets, including cryptocurrency. Markets experienced turbulence on election day alone, as investors assessed the potential impact on regulatory policies, interest rates and the overall economic environment. In the case of Bitcoin, this led to significant liquidations across the board. According to Coinglass, the election day volatility impacted traders with leveraged positions, triggering a staggering liquidation of $557 million. This liquidation wave, especially political events, contributed to the unpredictability of the market. This highlights the risks associated with high leverage during volatile periods.
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