Bitcoin! The most popular cryptocurrency in millions of crypto wallets across the world. It is highly profitable for long-term Bitcoin holders. But is it for the short-term Bitcoin holders? The major drop in the cryptocurrency price of Bitcoin has affected their crypto wallets in recent times. These short-term Bitcoin holders are concerned about whether to do a Bitcoin sell-off in this highly volatile cryptocurrency market. Sell-off cryptos tend to affect crypto wallets, according to the cryptocurrency price situation in the cryptocurrency market.
Since the Bitcoin price has been crashed down to US$32,068.66 on May 10, 2022. Sell-off cryptos is a popular option for crypto investors to eliminate the loss in crypto wallets. The highly volatile cryptocurrency market is not offering any guarantee of when this bad phase will end for Bitcoin. This cryptocurrency has hit the lowest level since July. It is down more than 50% from its highest recorded price of reaching US$68k in November 2021.
Thus, short-term Bitcoin holders are opting for sell-off cryptos for the impact of the downhill of the blue-chip Dow Jones Industrial Average. Short-term Bitcoin holders are on the edge for the sell-off cryptos to save returns in their crypto wallets. The popular cryptocurrency has again disappointed millions of Bitcoin holders and they want to shift to stable coins in the future.
They are more concerned because the UST (Terra) which is known for being a stablecoin has lost one peg of the US dollar in recent times. It is known that the short-term Bitcoin holder bases indicate the current changing market conditions efficiently. The huge sell-off of cryptos happened among a particular range of short-term Bitcoin holders— one day to six months of Bitcoin in crypto wallets.
That being said, it is highly beneficial for short-term Bitcoin holders to consider sell-off cryptos like Bitcoin because they are not predicting any profit from this cryptocurrency in the nearby future. Bitcoin is below the US$35K range whereas it should have reached US$50k at this point in the highly volatile cryptocurrency market.
Crypto Retreat has Taken a Big Toll on Crypto Exchanges in Q1: Report
Google's New Web3 Team will Capitalize on its Blockchain Dreams
Creating Avatar Boundaries is the Only Way to Give Value to Metaverse Lands
AzureML Will Put an End to Data Science Jobs in Near Future
You can Build a Successful Data Science Career with an Arts Degree
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.