A high-profile Bitcoin whale says he’s stopped dumping BTC.
The whale, who goes by the name Joe007, earned $20 million in realized profit from December of 2019 through January of 2020 on the crypto exchange Bitfinex.
About two weeks ago, Joe warned that the market was dominated by “phantom” money, citing an overflow of trading tactics, like spoofing, with too little fiat entering the market.
Since his warning, BTC has plummeted from around $10,150 to as low as $8,593 – with a current price of $8,912. In response to a trader pleading for mercy, Joe says he’s done shorting BTC for now.
Joe says he’s bullish on Bitcoin in the long run. He has a core position that he doesn’t trade and is going short and long as a hedge against that position.
“I’m bullish long-term because Bitcoin brings about a millennial shift in money technology. I’m very sure we’ll see higher prices in future. But quite possibly not as soon as everyone seems to expect. Two-three year delay in reaching new ATH won’t be such a big deal IMHO.”
The whale says there are a number of lessons to be learned from Bitcoin’s recent pullback.
In the end, he says crypto traders should learn to avoid “nonsensical narratives” such as the recent meme that Bitcoin is a hedge against economic fallout from the coronavirus.
Currently, the crypto market is once again in the green, with all coins in the top 10 by market cap posting modest gains.
The overall market cap of all cryptocurrrencies has bounced from a low of $241.8 billion on Wednesday to $254.3 billion.