According to Bitcoin Treasuries, after Bitcoin’s biggest daily loss, institutional investors saw $ 13.6 billion disappear, at least temporarily.
Bitcoin’s parachute was slow to open
Yes gentlemen, the price of the leading crypto fell from a high of $ 58,000 to a low of $ 47,700, all in about 19 hours.
This is how today the crypto market experienced the largest drop in a single day of Bitcoin in its history. The previous record happened on January 11 of this year, just after Bitcoin surpassed $ 40,000 and fell to $ 32,000 before recovering.
However, none of this is surprising to the crypto community. And, apparently, it has not taken institutional investors by surprise, who already seem to have accepted the characteristics of Bitcoin.
In fact, the historical decline of the crypto was momentary as it managed to recover and reduce losses to just 5.98% during the last 24 hours.
But, although it is not a surprise, without a doubt more than one was scared and others even saw big losses thanks to the fall of Bitcoin.
As we previously mentioned, more than $ 13.6 billion in Bitcoin holdings translated into business losses today. Yes, the cumulative value of the 1.3 million Bitcoin held by 41 companies and institutional investors temporarily went from $ 76.7 billion to $ 63.1 billion.
The slight recovery in the price of crypto brought that amount up to $ 72.1 billion.
A #bitcoin dip like this is just what the doctor ordered. I always imagine it like a summer rainstorm after days of stifling heat build up. We’ll go and dance in it &, when it ends, we’ll be fresher, relieved energized & ready to go again. Bring it on! pic.twitter.com/yFnu3jHP7c
– Jason Deane (@JasonADeane) February 22, 2021
Still, this may be just what crypto needed. Jason Deane, Bitcoin analyst at Quantum Economics, assured that when we get out of this we will be better and ready for more.
Crypto FOMO for Bitcoin will start very soon
Dan Ives of Wedbush Securities participated in an interview where he assured that Tesla’s exposure to Bitcoin is not something temporary. Rather, it is part of a long-term strategy.
But furthermore, Ives believes that 3% to 5% of publicly traded companies will invest in crypto over the next 12 to 18 months.
Binance Smart Chain is dominating the crypto market
Data from DappRadar reveals that thanks to PancakeSwap, Binance Smart Chain is dominating the crypto market after surpassing Uniswap.
For those who don’t know, PancakeSwap is a decentralized crypto exchange (DEX) that runs on Binance Smart Chain, as opposed to Uniswap that runs on Ethereum.
And as you may know, Uniswap has long led the market, but that seems to be over, for now at least.
Nonetheless, Binance Smart Chain is also gaining popularity through Autofarm and Goose Finance. In fact these are also in Dappradar’s Top 10 dapps.
In a few lines …
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