7 October 2022
Buy The Dip Interest Soars To 3 Month High
The Cryptocurrency market crashed more than 15% in a couple of hours. It is considered as one of the brutal corrections of this year. The leading Cryptocurrencies dropped around 20% before bouncing back marginally.
The flagship Cryptocurrency suffered a crash of $43,000 while Ethereum cracked below $3,500. However, Crypto investors consider this as a buying opportunity, and chatter for buy-the-dips is gaining much traction.
According to Santiment reports, “Bitcoin fell all the way to $43.5k about an hour ago, along with #Ethereum dropping to $3.54k. However, prices are bouncing with the largest #buythedip interest spike in 3 months. Renewed #covid concerns among larger stakeholders should tell the story.”
President of El Salvador, Nayyib Bukele, has grabbed this opportunity and bought another Bitcoin dip.He made an announcement of an additional purchase of 15 BTC at $48,700.
The emerging Covid variant Omicron has become a matter of concern for economic reopening worldwide. This has forced the global market to move towards safe-haven assets.
The head of Crypto exchange Luno, Vijay Ayyar, said, “Markets have also been jittery with all the uncertainty around omicron, with cases now appearing in many countries. It’s hard to say what that means for economies and markets and hence the uncertainty.”
Crypto market correction witnessed more than $2 billion liquidations in a matter of hours. Additionally, the Bitcoin futures Open Interest (OI) also dived significantly, with $3.3 billion worth of OI getting closed within an hour.However, the cooling-off of the Bitcoin open interest can be considered as healthy leading to the recovery of price. Glassnode analyst, Checkmate.btc expects that the Crypto market will recover and asks investors to keep holding rather than panic selling.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
