Cardano founder Charles Hoskinson reacted to the increase in the amount of Bitcoin sent to exchanges. Moreover, he says that Bitcoin is “already dead”. Cardano boss is worried about the rapid entry of BTC into exchanges. Here are the details…
Bitcoin flows to exchanges
Bitcoin investors are transferring the asset class to other exchanges. Data from Glassnode shows that the 7-day moving average of Bitcoin stock market entry volume has reached a 1-month high of 3,335,047 BTC. This shows that investors are not overly interested in the current market situation as they want to sell their Bitcoins and convert their stashes into stablecoins or cash. Holders of BTC, given the massive drop in the value of all cryptocurrencies; plans to replace the top asset class with another cryptocurrency, specifically stablecoin.
📈 #Bitcoin $BTC Exchange Inflow Volume (7d MA) just reached a 1-month high of 3,335.047 BTC
View metric:https://t.co/1S6EbDkdOO pic.twitter.com/OVSIT7O2N0
— glassnode alerts (@glassnodealerts) June 17, 2022
As reported by Whale Alert, a crypto data analytics platform, huge amounts of BTC have been transferred to the Gemini exchange in the last 24 hours, reaching hundreds of millions of dollars. Charles Hoskinson, CEO of Input Output Global, the company responsible for the research and development of the popular blockchain Cardano, responded to the development. In a gif he shared, the following expressions were included:
Stop, stop! He’s already dead.
https://t.co/WRBDnL141G pic.twitter.com/wjDRLWVMFM
— Charles Hoskinson (@IOHK_Charles) June 18, 2022
Hoskinson tries to prevent price crashes
The Bitcoin community may view Hoskinson’s comment as an insult to the top asset class. However, it is thought that the Cardano administrator is only trying to prevent people from dumping their BTC. Because the action will also have a negative impact on the prices of other cryptocurrencies. Hoskinson is optimistic that the crypto market will recover despite one of its biggest crashes since its inception.
The Cardano executive is inviting new investors into the first cryptocurrency winter, urging them to remain calm as the market looks for a way to overcome its bearish situation. This week has led to many negative developments in the cryptocurrency space, which lowered the prices of all the coins in the market. Increasing reports of inflation and the collapse of major crypto projects like Terra and Celsius Network aren’t helping much either. It continues to have a negative impact on crypto asset prices.
Investors try to recover from loss
Following the downward move in Bitcoin prices, most investors reacted negatively to the continued price drop as they had to save themselves from further losses until the market regained stability. While some investors converted their Bitcoin holdings into stablecoins, others chose to do nothing while watching the events.
Bitcoin is still trading around $20,000. As we reported on Kriptokoin.com , veteran futures trader Peter Brandt predicts that the asset class could drop below $13,000. Many BTC investors are not ready to incur any further losses. This, in turn, leads to massive transfers of the world’s largest cryptocurrency from unknown wallets to exchanges.
