Samson Mow Reveals What’s Happening to Bitcoin As It Drops Towards $57,000

Samson Mow, Bitcoin advocate and the chief executive officer at Bitcoin adoption-focused company JAN3, has commented on the current Bitcoin price correction. He has shared his positive take, continuing his recent narrative about diamond hands adding BTC to their long-term holdings.

Mow reveals what’s happening to Bitcoin sales

Now that Bitcoin continues its aggressive decline and is enclosing on the $57,000 level, Bitcoin maximalist Mow believes that all those who are selling BTC now are just letting cryptocurrency whales buy it.

In particular, Mow believes, whales from Bitfinex are buying up all the dips at the moment. Today, the world’s flagship cryptocurrency extended its plunge, losing 4.46% and falling from roughly $60,380 to $57,650, where it is changing hands as of this writing. Over the weekend, Mow tweeted that he expects the cryptocurrency market to absorb all the current Bitcoin sales, no matter how much BTC will get dumped by “paper hands.”

Finex whales are buying it up.

— Samson Mow (@Excellion) July 4, 2024

Overall, since Monday, Bitcoin has crashed by 9.52%, declining from the $63,640 zone to the price mark it is currently sitting on (see above).

This week, the US jobless report came out which was more negative than expected and that contributed to the current Bitcoin price heavy decline since people’s purchasing ability has turned out to be pretty low as well. Besides, this week, the German and American governments have been selling large stashes of Bitcoin and Ethereum, sending them to Coinbase, Binance and Bitstamp.

As the Bitcoin bloodbath continues, Whale Alert has noted an immense amount of BTC exchanging hands between anonymous wallets. Five consecutive transfers, which carried 13,474, 9,445, 9,952, 10,486, and 3,000 Bitcoins. Together these transactions are the equivalent of $2.7 billion in fiat.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 13,474 #BTC (789,586,860 USD) transferred from unknown wallet to unknown wallethttps://t.co/YrFDAr2l2n

— Whale Alert (@whale_alert) July 4, 2024

Dogecoin founder comments on BTC plunge

Earlier today, Billy Markus, who co-created the largest meme cryptocurrency Dogecoin in 2013, took to his X handle to also make a public statement regarding the current heavy Bitcoin decline.

He summarized what is going on laconically in just two words. “Bitcoin dammit,” Markus wrote in his tweet.

Markus often shares his opinions on various hot public issues, including crypto in an ironic or playful manner with his 2.1 million followers on the X platform. According to his earlier tweets, he believes the crypto market behavior to be often chaotic and unpredictable.

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