Cryptocurrency investors stand out as their positions are stopped or liquid, while the markets in many sectors are close to closing the week with a red candle. It is remarkable that altcoin investors suffered the most in the declines, but the leading crypto Bitcoin lost value sharply.
Analytical firm Santiment commented that this week's correction marks one of the biggest capitulation events in the past year for the leading cryptocurrency Bitcoin (BTC), indicating a bullish future.
After the declines, Santiment explained the situation to his followers:
“Bitcoin is experiencing its third-largest decline week in over a year in terms of lossy on-chain transactions.
The last time BTC was this negative for this metric was February 16-22, when prices rose 20% over the next 9 days.
After the dips, there should be a strong upside reaction, altcoins cannot afford another drop.”
The famous analytics firm also underlines that there was a large amount of on-chain activity during the BTC and crypto market pullback.
“The Bitcoin network had 1.17 million unique active addresses transacting yesterday, the highest amount since December 2, 2021.”
Stating that there is a great demand for Bitcoin and its network in the declines, Santiment emphasizes that there may be sharp rises as experienced between February 16-22 in the future.
According to the data of CoinGecko, one of the known platforms of the crypto market; Bitcoin price was recorded as $36.061.69 at the time of writing. Bitcoin (BTC) has a 24-hour trading volume of $24.296,475,564 while Bitcoin (BTC) price is up 0.6% in the last 24 hours.
Good news from Robinhood to institutional Bitcoin and Ethereum investors!
Robinhood, a popular financial services platform backed by Citadel Securities, which offers cryptocurrency trading in addition to stocks, has listed institutional Bitcoin and Ethereum mutual funds after Shiba Inu.
Famous digital asset manager Grayscale announced that the trading application, which offers zero commission transaction service, includes traditional investment instruments that the firm offers services for Bitcoin (BTC) and Ethereum (ETH).