Three Arrow Capital CEO explains why people are not willing to sell Bitcoin
The chief executive officer of Three Arrow Capital shared his point of view that why people are not considering selling their Bitcoin holdings in this significant correction.
This year the crypto industry saw huge numbers of ups and downs within the first month mainly, which is hinting that the crypto market is trying to move toward a big correction. But still, such significant corrections are far from the crash of the 2018 crypto Market.
On 21 February, Zhu Su, CEO of Three Arrow capital, explained that the majority of the big holders in Bitcoin since last year are strongly holding Bitcoin and they are not selling even under such high-level corrections, instead they are accumulating more Bitcoins.
Zhu also noted that people have more patience this year over the last bear market of 2017-2018.
Zhu explained that the behavior of such people has changed much over the last 2018-19 time frame because they came to know about the reality that they are feeling pain because of last Crypto winter’s sale mistake, so people are now looking forward instead of backward.
The current trade price of Bitcoin is $38,657 which is 1% up over the last 24 hours. This price of Bitcoin is low around 44% from its all-time high of $69,000. But still, this price of bitcoin is standing more confidently even though a huge correction took place in the market within 1 to 1.5 months of this year.
In the last 15 days, Bitcoin failed to touch $45,000 multiple times and it showed that people are feeling panic to trade at $45,000 because metric graphs are showing that Bitcoin will remain stable to $40,000.
According to analysts, the Bitcoin and crypto market will face huge corrections this year because of multiple hikes in the interest rate, which is not confirmed when the Fed will introduce it. However, few experts noted that Fed rate hikes are independent of the market and also crypto will remain a better option to invest in those situations, where other traditional markets will face correction.
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