5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-11 | Selina Mathew
According to current statistics, Bitcoin's (BTC) dramatic drop to 2022 lows has piqued the curiosity of heavyweight traders.
BTC temporarily traded around $29,000, its lowest level since July 2021, after falling roughly 20% in the previous week. The cryptocurrency looks to have drawn a flood of whale purchases at this price level.
Traders also appear to be wary about allowing BTC to go further, and have been stockpiling. Several analysts believe the coin has been heavily oversold and is due for a quick comeback.
Whales eat them up. BTC
According to data from blockchain research firm Santiment, BTC's decline below $30,000 triggered whale stockpiling.
Since January, the token has had the most transactions over $100,000.
What happened to the recovery rally?
Despite the fact that whales appear to be buying the token, BTC has yet to make a significant rebound. There are currently few positive factors in the market that might help the market bounce.
The stock markets in the United States, which BTC has primarily followed this year, are similarly in a holding pattern, providing the cryptocurrency with little clues to move. Concerns about inflation and the Federal Reserve's rate rises are also projected to exert downward pressure.
The focus now shifts to today's U.S. inflation statistics, which may shed additional light on the Fed's plans to raise rates this year.
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BTC/USD 1 DAY PRICE CHART; SOURCE - COINMARKETCAP.COM
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