His post came out as the world’s flagship cryptocurrency plunged by more than 2% overnight, hitting the $58,300 zone. This is not the biggest price plunge demonstrated by Bitcoin recently, however.
The message published by Saylor, along with the image, goes like this: “We’re going to need a bigger truck. #Bitcoin.” Many commentators responded agreeably to Saylor’s message, sharing their bullish takes on BTC.
Last week, digital gold, as Bitcoin is often called by its community, plummeted by more than 7.5% and collapsed from $61,330 to the $56,660 zone. Between Thursday, when the fall bottomed, and Sunday, Bitcoin managed to recapture 6.11%, reaching $60,127. That recovery was followed by the aforementioned close to 3% decline.
The analytics account has concluded that this may be a sign of financial institutions dumping their Bitcoin.
While this is happening, some of the spot Bitcoin ETFs continue to absorb BTC. On Aug. 16, Fidelity and Bitwise ETFs saw inflows of 284 and 109 BTC. However, investors continue to withdraw their Bitcoin from the Grayscale’s GBTC. On Friday, the total outflow from this exchange-traded BTC fund constituted 975 BTC.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
