Large investors in no rush to sell off BTC; Sailor acquires 111,000 BTC

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Wednesday has become one of the most disturbing and unpredictable days for bitcoin and the entire cryptocurrency market. After the ban and the imposition of sanctions by the Chinese government on the use of cryptocurrencies in banks, bitcoin sharply began to fall down, continuing its deep correction. This correction is very similar to the one that occurred in March 2020. This morning, bitcoin broke the $30,000 milestone with a correction of 54%. t triggered a new wave of panic of both institutions and various hodlers. The crypto trades are extremely concerned about the future prospects of BTC. Traders do not know what to do and how the situation will develop further. Even experts struggle to predict the further movement of bitcoin. However, not everything is bad as it may seem. This correction will only help bitcoin to go back into the bull market.

Just a couple of hours ago, Elon Musk tweeted that Tesla did not sell any bitcoins and was not going to do it despite the fact that the cryptocurrency is losing steam. Currently, all the twists and reports associated with the Chinese government's tough stance on the crypto market. Tesla CEO Elon Musk seems not to be shying away from bitcoin despite the crypto-wide sell-off. Through a combination of text and emojis, Musk tweeted that Tesla had "diamond hands," implying that the electric vehicle maker would not be losing its $1.5 billion stake in bitcoin. He may also hint at all those investors and handlers who refuse to sell off bitcoin even despite the disastrous situation in the crypto market.

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MicroStrategy CEO Michael Saylor has again supported BTC, saying that his companies have not sold the large holding of 111,000 BTC. He also tweeted, "Entities I control have now acquired 111,000 #BTC and have not sold a single satoshi." As we can see, the big players in the market and the world-famous hodlers do not sell off their digital assets despite the disturbing situation and the global boom. What does that mean? This means that not everything is so bad for the number one cryptocurrency and for all altcoins. Bitcoin jumped by $7,000, from 30 to 37,000 per coin amid Saylor's tweets.

China's ban on the use of bitcoins in banks is likely to have a short-term impact on the cryptocurrency. The current correction is necessary because BTC has already exhausted its long-term rally. Investments became smaller and new spectators were not ready to buy it. Therefore, there was stagnation. The crypto market needed some kind of a trigger to correct and start a new bullish rally. The situation with China was just the catalyst for what should have happened earlier.

The material has been provided by InstaForex Company - www.instaforex.com

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