The crypto market faced a price correction after Bitcoin (BTC) held above $ 45,000 for nearly two weeks starting March 27 before declining on April 6.
At the time of writing, a BTC unit is trading at $ 42,304.42, down nearly 1% in 24 hours and 8% for the week.
The altcoins market also did not miss a plunge with disappointing performance, especially Terra (LUNA) and Near Protocol (NEAR) failing to maintain performance on April 4th.
What happen?
This expectation was actually expected earlier this month.
According to ‘Credible’ analysts, a number of bitcoin whales have been waiting a long time at the $ 40,000 - $ 44,000 level even though the BTC price at the time was worth over $ 47,000.
He also predicted a pullback at around $ 42,000 before the BTC price soared again.
Previously the Intraday Team had reported 100,000 BTCs diluted from the market, causing the price per unit of the crypto king to drop below $ 44,000.
This is an opportunity for investors to increase their holdings while prices are still low at a time when whales are also racing to get BTC.
LFG Take Another Chance
Meanwhile, Luna Foundation Guard (LFG) made a new purchase of bitcoin worth $ 176 million yesterday, bringing the latest cumulative amount owned to $ 1.7 billion!
It is worth noting that the phased purchase of BTC is to achieve the objective of making the crypto king a Terra stablecoin reserve, UST.
A string of such purchases, the BTC price recorded a slight increase.
In addition to BTC, Terra has also added another UST reserve and it is backed by Avalanche (AVAX).
The average sees the potential of AVAX to bear the same positive impact as bitcoin in the near future.
