{"id":175914,"date":"2023-05-24T15:40:40","date_gmt":"2023-05-24T15:40:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175914"},"modified":"2023-05-24T15:40:40","modified_gmt":"2023-05-24T15:40:40","slug":"report-with-recent-bitcoin-gains-hodling-is-becoming-more-common","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/report-with-recent-bitcoin-gains-hodling-is-becoming-more-common\/","title":{"rendered":"Report: With Recent Bitcoin Gains, "Hodling" Is Becoming More Common"},"content":{"rendered":"

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000<\/p>\n

Bitcoin has been doing quite well as of late. The currency just hit $30K for the first time in about 11 months, and everyone is on pins and needles about where the world\u2019s number one digital currency will do next.<\/p>\n

The Bitcoin Price Hikes Are Leading to More Hodling<\/h2>\n

The asset is doing so well, in fact, that hodling has become much more prominent in recent weeks. Initially written out to be \u201cholding,\u201d the term was misspelled online as \u201chodling\u201d and it\u2019s been utilized ever since when talking about holding the asset in one\u2019s wallet and refusing to sell it, no matter what the market conditions may be.<\/p>\n

In a new report issued by Bank of America, it appears the practice of \u201chodling\u201d is getting to be more common. Prior, many people were in the process of selling their digital assets given how poorly 2022 went. It was an embarrassment and a disgrace to see currencies like bitcoin lose more than 70 percent of their value (the asset fell from an all-time high of about $68,000 to the mid-$16K range), and there didn\u2019t seem to be much sense in holding these currencies given how weak the prospects were.<\/p>\n

But now, it looks like things are changing. The B of A report says:<\/p>\n

\n

Investors transfer tokens from exchange wallets to their personal wallets when they intend to hold them (or HODL), indicating a potential decrease in sell pressure.<\/p>\n<\/blockquote>\n

It\u2019s become clear that many more investors are gaining their trust of the digital currency world back. They are confident that things can return to normal, and that these assets still have a lot to offer regardless of last year\u2019s pathetic results. Hong Fang \u2013 president of the digital currency exchange OKX \u2013 said in a recent interview:<\/p>\n

\n

Bitcoin is becoming a very clear safe haven for a lot of the issues we\u2019re having right now.<\/p>\n<\/blockquote>\n

He was commenting on the fact that the Federal Reserve made it known that 2023 will not be a year in which interest rate hikes stop, like so many analysts originally thought. In fact, Fed Chair Jerome Powell recently came out and said that inflation is still a problem in nations like the U.S., and he and his associates will do all they can to fight it (this includes pushing rates up even further).<\/p>\n

Staying Strong Regardless of the News<\/h2>\n

Despite all this, it seems as though bitcoin is developing a thicker skin, and negative news is no longer hurting it the way it did last year. Nathan Batchelor \u2013 managing partner at analytics platform Biyond Trader \u2013 said:<\/p>\n

\n

Bitcoin has stopped reacting to bad news. This is a tell-tale sign of a strong buyers\u2019 market.<\/p>\n<\/blockquote>\n

In the meantime, other assets are also pumping fast. Ethereum, for example, recently endured its Shapella upgrade and rose to about $1,900 per unit.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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