On December 4, Bitcoin fell by more than 20%. After the fall of the price of the main cryptocurrency, large investors bought more than 67 thousand bitcoins. As a consequence, on 7.12.2021, the value of BTC began to recover and exceeded $51 thousand.
Experts from Santiment reported the bitcoin rate recovery due to the increased interest of “whales” in Bitcoin. Large investors invested about $3.4 billion in the first cryptocurrency after the last 20% drop in quotations.
Analysts say that investors’ increased interest in bitcoin is explained by the desire to protect money from devaluation in the period of inflation. “Whales” are set to increase the rate in the near future.
About 37% of respondents follow a speculative strategy when investing in Bitcoin, according to a survey by Grayscale Investments in August of this year. 77% of survey participants consider Bitcoin an asset for investment rather than a means of payment.