Cryptocurrency company Galaxy says Bitcoin will “overcome the wall of fear” as bull market continues
Cryptocurrency company Galaxy released a research note this week assessing Tuesday, March 5th's crypto selloff and what it means for the bull market.
The company's research team said in a note that Bitcoin is “not yet for newcomers” after the premier cryptocurrency slumped following a new all-time high earlier this week.
“This drawdown was further exacerbated by significant extended liquidations: $400 million between 2:00 and 3:00 PM ET alone,” the analysts noted. “Over the past 24 hours (as of 7 a.m. ET on Wednesday), over $800 million in long liquidations (totaling over $1 billion including short requests) has occurred across crypto futures exchanges.”
As Bitcoin continues to hit more all-time highs, Galaxy said volatility is likely to return and continue “as we overcome the wall of fear.”
“Yesterday, some old coins were brought back to life. [March 5] “Blockchain data suggests that a large number of coins mined dating back to 2010 appeared online yesterday and moved on-chain. We speculate that these were sold.” analysts said. Everyone has a price, and if this was one of his guys and he actually sold, they probably would have wished he had sold at this level in 2021 and decided to buy.
Since I came back, the money is gone. ”
However, when the company evaluated data from Coin Days Destroyed, it noticed that older coins appearing online tend to show either bullish peaks or desperate troughs.
Nevertheless, “make no mistake: if this bull market continues, we will be climbing over a wall of fear,” analysts declared, adding that Bitcoin’s rally “is only just beginning.” “I believe.
“Have faith, self-storage your coins if possible, and enjoy the best game the market has ever seen,” they concluded.
