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Ripple CTO Confessed to Selling 40,000 ETH at $ 1
Ripple technical head noted that the decision to sell assets is associated with cryptocurrency risks
Schwartz still regrets selling his savings below all-time highs
A similar situation developed on the market in March 2020
Ripple tech head David Schwartz also admitted that he sold a lot of bitcoins and XRP long before all-time highs
The technical head of Ripple Labs, David Schwartz, admitted to the sale of 40 thousand Ethereum cryptocurrency (ETH) tokens at a rate of only one dollar. Schwartz wrote about this on his Twitter page..
Aside from ETH, Schwartz also sold off his Bitcoin and XRP holdings.
According to the technical director of Ripple, the sale of others, as in the case of ETH, was carried out at a low rate (BTC at a rate of $ 750 / XRP at a rate of $ 0.10).
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As Schwartz himself stated, he and his wife made the decision to sell all their cryptocurrency savings in 2012:
“She insisted that we immediately agree on a risk reduction plan. And I must admit that I am sorry to sell each bitcoin for $ 750 and XRP for $ 0.10 “.
According to the chart of Bitcoin price movement in 2013-2015, Schwartz may have sold off his cryptocurrency holdings in November 2013, when the market experienced its first bubble with a high of $ 1131..
It is noteworthy that at the same time the bitcoin price fell sharply to an average value of $ 250 and returned to the $ 750 mark only a couple of years later, in June 2016.
History repeats itself
Almost a similar situation occurred in March 2020, when financial markets collapsed due to the panic over the coronavirus pandemic. At the time, Morgan Creek Digital co-founder Anthony Pompliano said that those wanting to leave the market needed cash so much, “that they will make traditionally irrational decisions to optimize liquidity.”.
Then the crush on the market collapsed the bitcoin rate to $ 4721, but this did not prevent bitcoin from recovering in just a month. In early August, the leading cryptocurrency returned to the level of $ 11,000 altogether.
Now Bitcoin, according to Kraken Intelligence experts, is again approaching a period of volatility. It is expected that a special dynamic (be it positive or negative) will manifest itself against the background of the US presidential elections, which will be held on November 3.