With Bitcoin’s recent price rally to $10,000, cryptocurrency enthusiasts everywhere are buzzing with excitement, looking for a potential repeat of the legendary 2017 bull run. However, an influential crypto whale is saying it’s not time to sell bitcoin just yet as “phantom money” may be the driving force behind this new rally. In the meantime, let’s see how Bitcoin lending platforms can help you reap the benefits of the price jump while protecting your assets for the future.
Crypto whale “Joe007” says it’s not the right time to sell bitcoin
One of the most well-known cryptocurrency whales in the community goes by the name of Joe007. Regarding the recent Bitcoin price action, Joe008 stated that “you can push the price only so long with fantom money. At some point, people would want to cash out their mad gainz only to find no one on the other side of the market.”
So is it time to sell Bitcoin? Not just yet. At the moment, there is a lack of fiat flowing into crypto markets and that, is a worrisome statistic. Furthermore, looking at the market cap of stablecoin, one will see it’s not the right time to exit the market.
Don’t sell Bitcoin; look at the stablecoin charts
If we use Tether (USDT) as an example, one will see that a growing USDT market usually signifies an influx of cash entering the market. This is because traders are exiting the market, and putting their Bitcoin into stablecoin to avoid losses from volatility. While there is some amount of fiat flowing into the crypto market, it may not be enough to signify there is substance behind this bull run. That being said, there is still a way to capitalize on this event using crypto lending platforms.
Don’t sell bitcoin; use it as collateral for crypto loans
For Bitcoin HODLers, they have a growing asset on their hand. It’s tempting to sell bitcoin now and enjoy the new influx of cash but there is another way to do that without having to say “goodbye” to BTC forever. Crypto lending platforms let you use Bitcoin as collateral in exchange for a loan in fiat. That way, HODLers can get cash when they need it but also protect their assets for later use.
Platforms like YouHodler for example offer crypto loans with 90% loan to value (LTV) ratio and fiat options like EUR, USD, and GBP. This Bitcoin lending strategy is a terrific way to get the best of both worlds during a crypto market.
So if you have your finger on the “sell” button right now, perhaps it’s better to wait a minute and see how the market plays out.
Author: Matt Miller
London News Desk