Smart Whale tracker Lookonchain has reported that a short while ago, Galaxy Digital transferred a hefty amount of Bitcoin to the Coinbase Prime exchange.
This investment fund focused on cryptocurrencies is spearheaded by the renowned Bitcoin bull and former Goldman Sachs partner Mike Novogratz.
Those were four massive transfers that carried a total of 1,652 BTC worth $89,928,189.
Galaxy Digital deposited 1,458 $BTC($78.5M) to #CoinbasePrime 8 hours ago. pic.twitter.com/y0G1jcXJtv
â Lookonchain (@lookonchain) September 7, 2024
The cryptocurrency community was set abuzz by the news of this transfer to Coinbase Prime as multiple crypto enthusiasts left comments under the tweet, expressing their deep concern over this sale by Novogratzâs company.
card
Bitcoin price plunges pushed down by this trigger
Bitcoin has demonstrated a 5.65% decline over the past 24 hours, mostly driven by a large hourly red candle. Falling from the $56,590 zone, it collapsed to $53,400. By now, a small increase of 1.53% has been added and the flagship cryptocurrency is changing hands at $54,354 per coin.
Bitcoin was hit by a large sale that started in the stock market following Nvidia sell-off after it received a subpoena from the American 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 volsâŠ
â Wu Blockchain (@WuBlockchain) September 7, 2024
Behavior strategy in case Bitcoin falls to $40,000 by Samson Mow
Bitcoin bull and JAN3 Chief Executive Officer Samson Mow has published a tweet, sharing his take on the present state of the crypto market sentiment. He responded to the expectation that is beginning to form in the market by some traders that BTC might decline further and hit $40,000.
For those who believe in that scenario (himself not among those), Mow offered several options in which to act. The first one was âHODL + keep stacking.â The second one was slightly different â âHODL and stop stacking.â The third option was to sell all the BTC stash and ârage quit.â The last on the list came a suggestion to âsell everything + buy the bottom.â
However, Mow warned that since he believes that Bitcoin âwill reach $1.0 million sooner or later,â there will first be âsat/cent parityâ followed by âsat/dollar parity.â Therefore, he explained, options number two and four are âlosing proposition.â Besides, trying to go for number four would take a lot of luck, Mow said.
Finally, Mow concluded his tweet by saying, âGiven everything we know, option #1 is the only winning play.â Which is âHODL and keep stacking.â