Analyst Willy Woo: the decline of BTC is linked to traders’ actions
According to him, they decided to dump quarterly futures on BTC
31.01.2022 - 09:40
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What’s new? Analyst Willy Woo believes that the current drop in BTC from $69 000 to less than $40 000 is caused by the traders’ actions. He also recommended that the investors who invest in BTC buy them on cryptocurrency exchanges and not bet on futures ETFs. Woo stated this in an interview with Peter McCormack, the What Bitcoin Did program’s host.
Link to the interview on YouTube
How did the expert explain the BTC downtrend? According to Woo, the current drop in the value of the first cryptocurrency is different from the collapse of the crypto market in May 2021. According to the analyst, back then the market was led by holders, and they were not selling as many digital assets.
Now, Woo added, the market was led by traders who decided to arrange a sale out of their futures on the first cryptocurrency. As a result, the holders began to gradually sell BTC.
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