- Bitcoin dropped 5.65% after the sale, coinciding with a market dip due to Nvidia’s legal troubles.
- Samson Mow advises holding and continuing to accumulate Bitcoin, predicting long-term growth to $1 million.
Galaxy Digital, led by Mike Novogratz, recently moved a substantial amount of Bitcoin, selling 1,652 BTC worth approximately $89 million.
This transfer was made to Coinbase Prime, causing a stir within the cryptocurrency community. The news spread quickly, with many traders and investors voicing concern over the implications of such a large sale by a firm known for its bullish stance on Bitcoin.
Galaxy Digital deposited 1,458 $BTC($78.5M) to #CoinbasePrime 8 hours ago. pic.twitter.com/y0G1jcXJtv
— Lookonchain (@lookonchain) September 7, 2024
Bitcoin’s price has seen a noticeable decline, dropping by 5.65% in the past 24 hours. The decline began with a significant sell-off, coinciding with events in the stock market, including Nvidia’s subpoena from the U.S. Department of Justice.
QCP: Nvidia (NVDA) continued to sell off, weighing down on broader US equities indices and crypto prices. Even as crypto gapped lower overnight, the options market was relatively calm. The desk even saw large put selling through the session. We are observing front-end vols…
— Wu Blockchain (@WuBlockchain) September 7, 2024
As we discussed on ETHNews, as Bitcoin dropped from $56,590 to $53,400, it has since recovered slightly, trading at $54,354 per coin. The cryptocurrency market remains volatile, with Bitcoin’s price movements closely tied to macroeconomic factors and large transactions, like the one from Galaxy Digital.
In response to the market conditions, Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, shared his perspective on the possible outcomes for Bitcoin’s future. While some traders speculate that Bitcoin might fall further to $40,000, Mow provided his recommendations.
He outlined four strategies for Bitcoin holders: “HODL + keep stacking” “HODL and stop stacking” “sell everything” or “sell everything and buy the dip.”
Let's think through the current state of market sentiment.
Some traders are saying Bitcoin can drop to $0.04M. If you believe the bearish sentiment, what are the actionable options?
1) HODL + keep stacking
2) HODL + stop stacking
3) Sell everything + rage quit
4) Sell…— Samson Mow (@Excellion) September 7, 2024
Mow emphasized that the only viable strategy, in his view, is to continue holding and accumulating Bitcoin. He expressed confidence in Bitcoin’s long-term value, suggesting that it could eventually reach parity with the dollar.
For those who are uncertain about the market, Mow warned against trying to time the bottom, as he considers such attempts risky and less likely to succeed.
The sentiment remains divided, but experienced investors like Novogratz and Mow continue to show their long-term confidence in the asset.
