- BTC in 2022 exhibited 7 straight red candles, setting a new record.
- The bearish trends correlate with the 2018, 2014, and 2015 trends.
Fierce global inflation and the Fed’s intervention have caused both the on-chain and off-chain markets to crash down. Bitcoin, the giant crypto, is going down the lane dominated harshly by bears. Investors continue to remain on the sidelines as no satisfying rally is observed in the coin’s price actions.
The death crosses, an indicator of the fall in the price of crypto assets, observed in 2015 and 2018 are peculiar to that of 2022. As per the statistics, the bottom of BTC’s bear market was attained after 6 days and 10 days of the death crosses in 2015 and 2018 respectively. While it was attained just a day before the actual death cross in 2022.
Interesting observation on the #bitcoin 3 day death cross.
The last two times, the bottom was reached 6 days and 10 days after the cross.
Did we reach the low one day before cross this time? Or one more crash?
*** lagging indicator, past performance does not indicate future pic.twitter.com/XPqVxlEvMC
— Lark Davis (@TheCryptoLark) May 17, 2022
LUNA foundation of Terra held more than 80,000 BTC in its reserve. 99.5% of its BTC holdings were sold and 313 BTC are held back in their reserve. The recipients of the LUNA’s BTC sales have become a part of an unsolved puzzle. Between 12 May and 15 May, as per data from glassnode, the accumulation trend score of BTC was recorded as high indicating active buy during the dips.
As per data statistics related to wallet cohorts, retail investors with 1 BTC in their wallets are the dominant buyers followed by holders with 1 to 10 BTC. Mega whales who possess 10,000BTC in their wallets were the third group of buyers.
Look Beyond The Great Fall
There’s so much more beyond the great fall of Bitcoin for all crypto enthusiasts to look out for. Nubank, Brazil’s largest digital bank, enabled its customers to purchase Bitcoin from their bank. It even announced to allocate 1% of its treasury into BTC funds. This made the bank emerge in the top 10 places to buy Bitcoin with a 53 million customer base.
Recently on May 12, a prominent UAE airline, Emirates, embraced Bitcoin as one of its payment options.
El Salvador is the first nation to adopt Bitcoin with 70% of Salvadorans being BTC holders. 44 countries in the world assembled in El Salvador to talk about Bitcoin adoption. These countries are looking for a way out of the oppressive financial system led by the Fed. Their prime motto is to achieve Financial inclusion, “banking the unbanked” and create a digital economy. Bitcoin is believed to become the savior of several nations from this oppressive financial system.