Bullish Signal for Bitcoin: Elon Musk’s acknowledgment and Exodus from Coinbase
It took a while, but pioneer Elon Musk has finally come around. In other news, Bitcoin saw a single-day mass exodus from Coinbase Pro. In both cases, the Bitcoin price is showing a strong bullish signal, again.
When Elon Musk changes his Twitter bio to #Bitcoin, which caused the Bitcoin price to surge by $8000! Musk is well aware of his huge influence and after years of waiting and evaluating his viewpoint on Bitcoin, Musk gave his clearest statement on audio chat app clubhouse. The Billionaire expressed his support for the cryptocurrency admitting “ I am late to the party but a supporter. Bitcoin is on the verge of huge acceptance by traditional financial people.”
In a tweet, Musk also added “ we should look at currencies from an informational theory standpoint. Whichever has least error and latency wins.”
Drawing on from Musk’s observation, and reported by Decrypt, large institutional companies are “steadily buying more Bitcoin.” As also reported by CryptoQuant’s data, on 30th Jan, Coinbase Pro witnessed the largest single-day outflow of Bitcoin from its platform. A total of 15,200 Bitcoins worth $500 million was moved from the platform. The CEO of CryptoQuant Ki-Young Ju stated that the huge OTC trade may have been carried out by an institutional investor. According to Liam Frost from Decrypt, when institutional investors trade on OTC desks their intention is to buy or sell a large number of assets without sending shock waves across the market. However, even if demand holds still, a shortage in supply will lead to a pull in price.
Reiterating Ju “this is the strongest bullish signal for Bitcoin”. If you have invested in Bitcoin keep it safely in Xcepay Wallet. Download the app from Playstore and Appstore. XcelPay Wallet is QR enabled for simplicity. Use the XcelPay Wallet app to create multiple wallets within XcelPay Wallet to store your cryptos. Users can also SWAP ETH/BTC to XcelDefi Token (XLD) and top-up mobile phone plans with 900 different carrier services and in over 160 countries…
