Bitcoin has been seeing some corrections these days once again. At the moment of writing this article, BTC is trading in the red, and the king coin is priced below $56k.
Data expert Willy Woo said that long-term Bitcoin holders are currently accumulating BTC these days. On Twitter, he posted that BTC holders who have little history of selling are scooping up the king coin even as it continues to consolidate.
“Anyone selling right now is cray cray. Seriously strong long-term holders are buying this dip.”
Woo believes that on-chain data suggests that an unannounced US-based institutional investor could be behind a large Bitcoin transaction that contributed to the decline of the total balance of BTC on all exchanges from about 2.43 million to under 2.42 million in a single day.
“1st chart is coins being scooped off exchanges (it’s mainly Coinbase, meaning a US entity, and at the scale of the withdrawal it’s likely an institutional yet to be announced buyer).”
We suggest that you check out more info in the original article posted by the Daily Hodl.
Bitcoin adoption explodes – Tesla accepts BTC
Earlier today, we revealed that there’s some important news about Bitcoin adoption that just popped up.
Tesla is following through on the promise that it made to accept Bitcoin.
Musk just announced this on Twitter, saying that the company will hold on to and accumulate all BTC that is earned from sales of the company’s suite of electric cars.
Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021
Not everyone was too excited about the news, and some of Musk’s Twitter followers said that Tesla is only doing this for publicity.