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Morning update:
Another day, another drop… The selloff started after Biden proposed the bill to tax capital gains as high as 43.4% (not passed yet)
Another day, another drop… The selloff started after Biden proposed the bill to tax capital gains as high as 43.4% (not passed yet)
In addition, $1.55 worth of #BTC 
futures contracts expire today and this could be another reason for a sharp decline. We have seen the same scenario play out in the past months so nothing new this time around.
futures contracts expire today and this could be another reason for a sharp decline. We have seen the same scenario play out in the past months so nothing new this time around.
Bitcoin reserve on known exchange addresses has seen a rise as the crowd started panic selling their coins. That being said, the inflow mean was very low so it is safe to say that those were retail investors and not large institutions 
Market-wide panic can be observed also by looking at Bitcoin’s social mentions. Yesterday, we saw a spike in social mentions just like on April 18th 
#Bitcoin
#Bitcoin
30-day MVRV measuring the average return of #BTC traders is currently at one year low of -14.23%. Historically speaking, traders are not very likely to sell at a loss so this kind of extremes usually mark the reversal 
traders is currently at one year low of -14.23%. Historically speaking, traders are not very likely to sell at a loss so this kind of extremes usually mark the reversal
On the other hand, miners are accumulating coins at those levels. We have not seen such an extreme accumulation behavior in a while which makes me very bullish in those volatile times
#Bitcoin
#Bitcoin
Kimchi premium which compares the @BTC price in South Korea to other exchanges has seen a sharp decline and is currently at roughly 3%
All in all, I’m not concerned about this drop. I expect a strong recovery and a push towards a new high after quarterly reports come out and we find out who were the big buyers loading up on “cheap” #BTC during corrections seen throughout the first quarter of the year
during corrections seen throughout the first quarter of the year
