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What is weak hand purge in crypto and how did it impact Bitcoin prices?
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cnbctv18.comBitcoin, the top digital cryptocurrency by market cap, has been under pressure ever since it scaled fresh all-time highs in early November. The legacy coin shed nearly 21 percent just over the last weekend.
While experts have listed multiple reasons for the weakness, including worries over the new COVID-19 variant Omicron, a report by blockchain analytics firm Santiment has said the steep weekend drop in bitcoin price resulted from a 'weak hand purge'.In financial investment, 'weak hands' is the term used to refer to investors and traders who are not confident in their investment strategy or lack the necessary resources to hold on to their investment. Typically, their anxiety stems from any negative news about the asset.
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