Just when you think you’ve seen enough, Bitcoin comes back to surprise you. The Crypto’Big Brother’ suffocated around the $29,000 zone and the future looks bleak at the moment. Bitcoin is on the verge of ending its ninth week on the tailspin of losses as the larger crypto market continues to take losses.
The downward pressure on crypto since the turn of 2022 has resulted in large crypto losses. Around 1 trillion dollars has already been marked on the timeframe as major cryptocurrencies continue to falter.
Let’s switch to this weekend, Santiment reported that the transaction win rate for bitcoin is “dramatically low.” This is another bearish signal for BTC after the king coin ended another week of losses. This is approaching capitulation.
Source: Santiment
According to data analytics platform BitInfoCharts, the number of addresses with a Bitcoin balance of $1 million or more is 77,994. Among these, 72,130 had balances of $1 million or more, while a total of 5,864 addresses had balances of $10 million.
Source: BitInfoCharts
Interestingly, as of January 5th of this year, there were 90,902 addresses with more than $1 million in BTC stored. Another 8,190 addresses held more than $10 million in bitcoin as of the date given. This represented a nearly 20% drop in addresses containing more than $1 million.
“The safest thing in an uncertain world”
In this regard, Michael Saylor, co-founder of MicroStrategy, recently became a renowned Bitcoin investor appeared on Fox News. Saylor was full of praise for Bitcoin, citing its massive growth during the pandemic.
“Traditional” indices such as the NASDAQ and S&P 500 were up 19% and 29%, respectively. On the other hand, Bitcoin is up a staggering 229% over the same period.
Saylor then discussed his views on accumulation,
“Whenever I have some money left, we buy more bitcoin……Network is getting better, adoption is improving, very constructive regulation coming out of DC…”
When asked if he would buy bitcoin, he replied, “I will buy on top forever.”
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