Bitcoin Slips as Traders Flee, but 'Hodlers' Continue Dip-Buying
Investing.com
Published May 17, 2021 21:37
By Yasin Ebrahim
Investing.com – Bitcoin slipped Monday, as newer entrants dashed for the exits amid fears Tesla (NASDAQ:TSLA) is preparing to offload BTC, but prices could steady as more experienced traders, or "hodlers" appear to be buying the dip.
BTC/USD fell 2.8% to $44,202, and is down about 20% in the past seven days. BTC’s market cap fell below $1 trillion to about $800 billion.
Total supply held by short-term holder of bitcoin, or STH SOPR, an on-chain metric by Glassnode, fell below 1.0, a sign newer traders – those holding BTC for less than 155 days - were desperately exiting their bullish BTC bets at losses.
Tesla CEO Elon Musk sparked fear, uncertainty and doubt, or FUD, over Tesla's stance on bitcoin following a recent move to suspend accepting BTC as a form payment.
Musk on Sunday, appeared to respond positively to a tweet from @cryptowhale that “bitcoiners” could be in for shock in the next quarter when they find out Tesla has sold off its remaining BTC holdings.
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Written By: Investing.com
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