Be Careful When Selling BTC for Under $50k, Adam Back Warns

Bitcoin (BTC) experienced a correction of more than 20% after reaching its all-time high of $58,330 on February 21. Still, institutional investors continue to buy the largest digital currency.

Adam Back, co-founder and CEO of blockchain technologies provider Blockstream, warned those selling Bitcoin for under $50,000 in his February 24 post.

Commenting on Square’s recent Bitcoin investment of $170 million, Back stated:

Worth noting that Square bought in the last 7days. Either before $58k or after, or a mix of peak & dip buying average. Keep that in mind before selling BTC under $50k: both institutional and retail ETF buying up for cold storage.

Financial services giant Square announced on February 23 that it had purchased 3,318 Bitcoins worth $170 million. After this investment, the company invested 5% of its total reserve in Bitcoin.

The business intelligence giant MicroStrategy, which triggered the influx of institutional investors in the industry by investing $250 million in Bitcoin in August 2020, bought $1 billion worth of BTC on February 24 and raised its Bitcoin savings to over 90,000. MicroStrategy bought Bitcoin at an average of $52,765.

In the futures market, where $5.6 billion worth of contracts were liquidated in just two days after Bitcoin’s sudden price drop, investors seem unaffected by the correction. After the BTC price bottomed, many investors took a long position again.

Bitcoin, which has gained 3.5% in the last 24 hours, is trading at around $50.691 on Bitstamp as of the time of writing this article.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Via Commodity Blog https://bit.ly/2OA2lVq

Priceages Magazine

Be Careful When Selling BTC for Under $50k, Adam Back Warns

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