Bitcoin is the most widely used cryptocurrency, with millions of crypto wallets worldwide. Long-term Bitcoin holders benefit greatly from it.
The recent drop in the cryptocurrency price of Bitcoin has had an impact on their crypto wallets.
Since the Bitcoin price plummeted to US$32,068.66 on May 10, 2022. Selling cryptos is a popular way for crypto investors to eliminate losses in their crypto wallets. Short-term Bitcoin holders are unsure whether to sell their Bitcoins in this highly volatile cryptocurrency market. According to the cryptocurrency price situation in the cryptocurrency market, sell-off cryptos tend to affect crypto wallets. Millions of Bitcoin holders have been disappointed yet again, and they want to switch to stable coins in the future.
The highly volatile cryptocurrency market provides no assurance as to when Bitcoin’s bad phase will end. Bitcoin has dropped to its lowest level since July. It is down more than 50% from its peak recorded price of US$68k in November 2021. This is not the time for short-term Bitcoin holders to profit from Bitcoin’s decline.
As a result, short-term Bitcoin holders are opting to sell off cryptos to mitigate the impact of the blue-chip Dow Jones Industrial Average’s decline. Short-term Bitcoin holders are waiting for the crypto sell-off to save returns in their crypto wallets.
They are more concerned because the UST (Terra), which is known as a stablecoin, has recently lost one peg to the US dollar. It is well known that the short-term Bitcoin holder bases efficiently indicate the current changing market conditions. The massive crypto sell-off occurred among a specific group of short-term Bitcoin holders—those with one day to six months of Bitcoin in crypto wallets.
On the other hand, short-term Bitcoin holders should consider selling off cryptos like Bitcoin because they do not expect to profit from this cryptocurrency in the near future. Bitcoin is trading below the US$35K mark, despite the fact that it should have reached the US$50K mark at this point in the highly volatile cryptocurrency market.
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