Bitcoin (BTC) price fell below $ 46,000 on Sunday for the second time in four days.
According to TradingView data, the cryptocurrency is trading at around $ 44,500 as of the time of translation broadcast. While the largest cryptocurrency lost 10 percent in value during the day, it has fallen 25 percent in the last seven days.
The drop in BTC price led to a market-wide decline, with Ethereum (ETH) dropping 12 percent, Polkadot (DOT) down 15 percent, and Binance Coin (BNB) down 10 percent.
Market sentiment regarding cryptocurrencies turned negative after Tesla recently announced that it had suspended BTC payments. The news that the US Department of Justice may open an investigation against Binance has further fueled this negative sentiment.
Institutional investors keep on saving
Despite all the confusion in the market, institutional investors continue to increase their Bitcoin savings and reveal that the bull market is not over.
Bitcoin Treasuries, which monitors institutional investors’ BTC investments, said on Saturday that these investors increased their BTC savings by 215 thousand in the last 30 days. conveyed. This amount is worth about 10 billion dollars.
Institutions have accumulated 215,000 #bitcoin in the past 30 days.
— Bitcoin Magazine (@BitcoinMagazine) May 15, 2021
Organizations that have Bitcoin on their company balance sheet have made significant profits from these investments. The reserve of MicroStrategy, which has been regularly investing in BTC since August last year, According to Bitcoin Treasuries It grew by 2.3 times. This rate was 2.1 times for Square, another company investing in Bitcoin, and 0 times for Riot Blockchain. The rates are slightly lower with the last correction.