KEY POINTS
- Bitcoin closed at around $60,600 Wednesday after opening at over $63,000
- Ether was nearing $3,000 when it opened, but slid down to $2,999
- BTC hodlers seem to retain their stance even as volatility ahead of the halving kicks in
Bitcoin (BTC), the world's most popular cryptocurrency, has retreated further from its all-time high of $73,000 last month as the digital asset closed at around $60,000 Wednesday. Ether (ETH), the world's second-largest digital asset after Bitcoin, didn't escape the market rumble as it also dropped below $3,000.
Starting Wednesday at over $63,800, Bitcoin shed some $2,000 at the end of the day, closing at around $60,600, marking a stark difference from when the digital currency enjoyed a bull run that propelled the coin to a stellar new all-time high of over $73,700.
Ether, the native crypto of the Ethereum blockchain, had a more gradual retreat as it opened at nearly $3,100 before closing at $2,999 Wednesday.
Despite the fall of two of the world's largest cryptocurrencies, hodlers, or crypto owners who hold on to their digital assets at a long-term rate, regardless of how markets react to various financial trends and even when markets are highly volatile, appear unmoved.
Most Bitcoin holders expressed optimism on X (formerly Twitter) and remained upbeat despite increasing concerns among new holders. Such fears have become more apparent as the community nears the BTC halving event, when Bitcoin mining rewards are split in half, resulting in supply scarcity.
Bitcoin maximalist Michael Saylor leads the way in keeping a positive tone despite tumbling prices. His company, MicroStrategy, is known for being the world's largest known corporate holder of Bitcoin. He urged crypto users to "elevate" their way of thinking, seemingly encouraging them to retain a "hodl" status until the digital coin bounces back post-halving.
Elevate your thinking. #Bitcoin pic.twitter.com/UVOOIJxUJz
— Michael Saylor⚡️ (@saylor) April 17, 2024
Another prominent Bitcoiner, Samson Mow, said "apex hodlers" will not be affected by market sentiment.
The Apex HODLer is unaffected by market sentiment. #Bitcoin pic.twitter.com/nLTosPXdRu
— Samson Mow (@Excellion) April 17, 2024
Other hodlers had similar views, saying they would hold on to their assets since they're not like other owners who only see the digital coin's short-term value.
The next time someone says, "But #btc is too volatile." Send them these two images and ask, "Do you see volatility here?"
— Oliver L. Velez ⚡️ 13%'er Bitcoiner (@olvelez007) April 17, 2024
Then say this:
"Get out of the weeds, bro. Wealth, especially generational wealth, is not made in the weed."#stackharder pic.twitter.com/P6Mjj7cr0j
They know absolutely nothing
— Crypto Thanos (@CryptoThannos) April 17, 2024
They're looking at the short-term frame
We're looking at our long-term goals
We'll HODL
As strong as we can 🤝🔥
GM holder ☕️☕️☕️
— Mika (@Mika686868) April 18, 2024
Only 2 days of countdown left before the #Bitcoin halving event - the whole market is holding its breath for something big to happen 🫡#BitcoinHalving2024 #Bitcoin pic.twitter.com/VuSy3CT24L
While others are holding on, there has been significant movement among Bitcoin whales in recent days. Whales are the largest owners of digital currencies, making their transactions a major buzz-maker in crypto circles.
Two BTC whales bought the dip Tuesday, one of them moving over $496 million worth of Bitcoins from Coinbase. Crypto users noted that such a movement only proved which holders had "weak hands" as they were now "panic selling" amid the asset's plunge.
As of writing, the world's first decentralized cryptocurrency has somehow recovered, trading at around $61,800. Ether has also made some gains as it is currently trading at around $3,007.
