{"id":429062,"date":"2020-06-30T16:00:51","date_gmt":"2020-06-30T16:00:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=429062"},"modified":"2020-06-30T15:18:17","modified_gmt":"2020-06-30T15:18:17","slug":"fund-manager-black-thursday-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/fund-manager-black-thursday-bitcoin\/","title":{"rendered":"Fund Manager: If Black Thursday Didn’t Shake Out Bitcoin Holders, Nothing Will"},"content":{"rendered":"

Markets are still reeling from the impact of the pandemic and the resulting Black Thursday selloff. However, one fund manager says the powerful shakeout demonstrated the strong will of Bitcoin<\/a> investors.<\/p>\n

If that violent selloff driven by panic and fear didn’t cause holders to sell, what might it take?<\/p>\n

Remembering The Most Violent Shakeout In Crypto History<\/h2>\n

At the start of 2020, Bitcoin<\/a> and the rest of the cryptocurrency market went on a tear. Bitcoin had exploded out of consolidation from the previous winter, and the decentralized finance movement brought renewed interest to the space.<\/p>\n

Ethereum closed a record seven weeks bullish in a row, while Bitcoin retested and even held above $10,000. Altcoins like Chainlink set a new all-time high. Meanwhile, the stock market was also setting records of its own.<\/p>\n

All of this came to a screeching halt, and a historic crash<\/a> followed once the world learned of the gravity of the pandemic. The stock market went from setting record highs, to closing the worst quarterly loss in history.<\/p>\n

Related Reading | Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown<\/a><\/strong><\/em><\/p>\n

Bitcoin, which was poised to finally break out into a new bull run<\/a>, experienced a severe drop of over 50% in 48 hours. Days prior, Bitcoin was trading above $10,000. By the time the dust settled, the cryptocurrency traded below $4,000 briefly before a bounce occurred.<\/p>\n

A cascade of liquidations of high leverage traders on the margin trading platform BitMEX<\/a> further fueled the violent drop. The entire crypto industry watched in shock, fearing that Bitcoin may actually hit zero as pundits and naysayers had claimed.<\/p>\n

Turning off BitMEX saved the day, and the asset has been on a steady, V-shaped recovery since. But the memory of that day will always stand out to any market participants that lived through it.<\/p>\n

If Black Thursday Didn’t Break Bitcoin Holders, What Will It Take?<\/h2>\n

Clearly, it took plenty of selling to drive prices that low. However, wallets holding BTC are rising to the highest levels ever<\/a>.<\/p>\n

Data shows that crypto investors holding for a year or more has reached a new all-time high of 62%. The last time such levels were achieved, was prior to the greatest bull run in crypto history.<\/p>\n

Related Reading | The Amount of Bitcoin That Hasn\u2019t Moved In a Year Hits an All-Time High<\/a><\/strong><\/em><\/p>\n

The steady increase in the metric has prompted a well-known crypto fund manager<\/a> to pose a “serious question.” They ask, “if a round trip to $4,000 and back in March” did nothing to break the strong hands of crypto holders, then “what will?”<\/p>\n

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Serious question (for the bears, naysayers, etc.)…<\/p>\n

… if a round trip to $4000 and back in March did nothing to trigger HODL'er start selling, what will? https:\/\/t.co\/JFakZ6rmq5<\/a><\/p>\n

— Alistair Milne (@alistairmilne) June 30, 2020<\/a><\/p><\/blockquote>\n