Bitcoin Rally Sees Reversal After OTC Desks’ High Sell-Off At $9k – CoinMarketCap Celebrates 7th Anniversary

The crypto market looks pretty bloody today with Bitcoin and the rest of the digital assets trading in the red.

As you know, the BTC price increased 22% in two days, and most major investors were caught off guard.

BTC peaked above $9,400, and crypto enthusiasts were checking to see whether BTC can hit the important level of $9,500 as well.

Large BTC holders sold BTC above $9,000

Now, BTC faces a reversal in the short term as large BTC holders made sure to take profit from this recent exciting rally.

Forbes mentioned a crypto options trader known as “Theta Seek,” who revealed that several over-the-counter (OTC) desks saw record-high levels of sell-off as the Bitcoin price hovered over $9,000.

You can check out more info about this in the original article by Forbes.

Other than this, regular investors keep holding ahead of the halving which is scheduled to take place on May 12th.

BTC investors hold tight despite the March crypto crash

It’s been revealed by the online publication the Daily Hodl that there’s a new research that shows BTC investors are holding onto their BTC and accumulating more as the halving gets near.

Glassnode shows that “42.83% of Bitcoin’s circulating supply has remained locked in place for at least 48 months – a number that’s jumped 10.4% since April of 2019 despite the recent crypto crash,” according to the online publication mentioned above.

“On-chain metrics suggest that investors are feeling optimistic in the weeks leading up to Bitcoin’s third halving… This year has seen the total number of addresses holding BTC grow by almost 25% with lower balance brackets are hitting all-time highs – suggesting increased interest from the retail sector,” Glassnode writes.

At the moment of writing this article, BTC is trading in the red and the most important coin in the crypto market is priced at $8,787.22.

Also, today is CoinMarketCap’s 7th anniversary!


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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