Cardano Founder Charles Hoskinson Reacts to Rising Bitcoin Exchange Inflows, Says BTC Is “Already Dead”. The Cardano boss is concerned about the rapid inflow of BTC to exchanges.
Bitcoin investors have been transferring the asset class to other exchanges. Data from Glassnode shows that the 7d moving average of Bitcoin exchange inflow volume hit a 1-month high of 3,335.047 BTC. This shows investors’ extreme lack of interest in the current market situation as many want to sell their Bitcoins and convert their stash into stable coins or cash.
📈 #Bitcoin $BTC Exchange Inflow Volume (7d MA) just reached a 1-month high of 3,335.047 BTC
View metric:https://t.co/1S6EbDkdOO pic.twitter.com/OVSIT7O2N0
— glassnode alerts (@glassnodealerts) June 17, 2022
The owners of the BTC intend to swap the top asset class for another cryptocurrency, mainly stablecoin, given the massive decline in value of all digital currencies.
Hoskinson’s Reacts to Rising BTC Exchange Inflow
As reported by Whale Alert, a crypto data analytics platform, large volumes of BTC running into hundreds of millions of dollars have been transferred to the Gemini exchange in the last 24 hours.
Charles Hoskinson, the CEO of Input Output Global, the company responsible for the research and development of the popular blockchain Cardano Responds to the development.
Hoskinson reacted to the massive inflow of Bitcoin to Gemini by sharing a GIF, with the caption “Stop, Stop! He’s already dead.”
— Charles Hoskinson (@IOHK_Charles) June 18, 2022
Hoskinson Trying to Prevent Further Crypto Price Crash
While the Bitcoin community may consider Hoskinson’s comment as insulting to the top asset class, it is evident that the Cardano exec is only trying to prevent people from offloading their BTC, as the action will also have a negative effect on the prices of other digital currencies.
Hoskinson has been optimistic that the crypto market will rebound despite suffering one of its biggest crashes since its inception.
The Cardano exec, while welcoming new investors to their first cryptocurrency winter, urged them to remain calm as the market looks for a way to overcome the bearish situation.
Investors Reacting to Crypto Price Decline
This week has ushered in many unfavorable developments in the cryptocurrency space that have plunged the prices of all coins and tokens in the market.
Reports of rising inflation and the collapse of significant crypto projects like Terra and Celsius Network are not helping matters, and have continued to have a negative effect on crypto assets’ prices.
Following the downward movement of Bitcoin prices, investors have reacted negatively to the continuing price decline, as many are forced to save themselves from suffering more losses until the market regains stability.
Some investors have converted their Bitcoin holdings to stablecoins, while others have chosen not to do anything as they watch the events unfold.
With Bitcoin still trading around $20,000 and veteran futures trader Peter Brandt predicting the asset class could crash below $13,000, many BTC investors are not prepared to incur more losses, prompting large transfers of the world’s largest cryptocurrency from unknown wallets to exchanges.
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