21:54Market Sentiment Hits Low As Binance Has Largest Bitcoin Inflow Ever
The price of Bitcoin dips below $40k, triggering bearish sentiment. BTC is now down 40% from its highs, making this in line with the worst drops of 2017. Currently, Bitcoin is holding the 200-day moving average, having wicked below it briefly during the early hours.
William Clemente III noted that Bitcoin inflows into Binance have never been higher, at around 27k units. This would suggest sellers are keen to liquidate their holdings, adding to the bear case and denting the narrative around Bitcoin as an institutional-grade store of value.
Bitcoin Haters Sharpen Their Knives
He signed off by saying now is the time to jump ship.
“Also, instead of just posting irrelevent [sic] replies to my tweets, why don’t you agree to debate me? So far you have turned down every opportunity to do so. It’s clear to me that you’re afraid to actually confront me and defend your ridiculous views, so you take the coward’s way out.”
Saylor countered by saying the basis for the debate is unclear as Schiff has a wide scope of recommendations, not just gold. Adding that his caveat of buying “just not too much” of everything fails to give any definitive answers.
MicroStrategy Adds To Its Holdings Again
In a tweet, the MicroStrategy boss said the firm spent $10 million to acquire an additional 229 BTC.
“MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin.”
Bitcoin is at a critical juncture. Time will tell if Saylor’s confidence in it is justified.
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