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What are crypto whale trackers and how do they work?

Crypto whale action can affect the price of cryptocurrencies and tracking these whales can offer invaluable and timely insights into price movements.

What are the common crypto whale tracking tools?

Whale tracking tools like Whale Watchers, Whale Bot Alerts and others can help investors spot whale action and make quick and timely decisions.

Whale tracking tools come with different capabilities, some can be just a simple window on top of a blockchain, while others have analytics and charting capabilities across multiple blockchains. Some only cover crypto whale tracking, while others offer NFT whale tracking too. 

Various analytics tools offer just simple analytics and notifications on whale activities, while others provide users with more comprehensive learning opportunities on charts and analytics. Some just do a simple feed, while others tap into channels like Twitter and Telegram to keep users informed.

Some of the key tools for whale watching are Whale Watchers, Whale Bot Alerts, Whale map, Whale alerts, Clank App and Coincarp. Apart from these, tools like Etherscan and Solscan sit on top of their respective blockchains to offer whale-tracking functionalities.

One can get as technically savvy as possible with whale tracking. Yet, market reaction to a whale transaction is not entirely predictable. It is useful to have information around whale behavior, yet, that is just one input that will affect the price action of cryptocurrencies. That is especially true in a market largely driven by macro-economic factors.

What are crypto whale tracking tools used for?

Thanks to whale tracking tools, investors are able to identify wallets that whales own and track them for buy and sell action due to the transparency that blockchain offers. Using tracking tools helps with the automation of the tracking process. 

Most crypto investors own more than one cryptocurrency in their portfolio. In order to be informed of market movements, they will need to identify and track several wallets that hold large volumes of the cryptocurrencies they are interested in. On-chain analytics tools offer this functionality. 

Tracking tools scan through a blockchain, and when a transaction gets committed by a whale wallet, spot them in real time and notify the user. These tools can also help identify transactions that are over a specific size, thereby allowing users to conduct discovery of the whales within that crypto ecosystem.

On a similar note, NFT collections can be tracked for actions like the listing of new nonfungible tokens below floor price, sale of NFTs at bid price, floor sweeps and others. The floor price of a nonfungible token collection is the minimum price at which an NFT can be bought. Occasionally, when the market appetite for an NFT collection is poor, the floor price comes down.

The fall in floor prices often begins with one holder of the NFT listing it below the floor price. Therefore, whale tracking tools can be used to spot such behaviors so that an investor is made aware and act accordingly. 

Floor sweep, on the other hand, indicates high demand for an NFT collection. This refers to the action when someone buys many nonfungible tokens in a collection that are listed at the floor price. Whale tracking tools can spot when a whale’s wallet sweeps the floors of a new collection. This will alert NFT investors, who can then start tracking the new collection.

What is crypto whale tracking?

There are dedicated solutions to track the actions of crypto whales. These solutions can provide analytics on whale actions and, in some instances, can also make investment/trading decisions for the user.

Crypto traders and investors constantly track the amount of cryptocurrencies going in and out of exchanges. When a cryptocurrency like Bitcoin or Ether (ETH) is moved in large quantities into an exchange, it is expected to see some sell action resulting in a fall in price. Conversely, if cryptocurrencies flow out of exchanges into wallets, it is considered a precursor to a rise in price.

This is because when exchanges have a high net outflow of cryptocurrencies, they have reduced supply resulting in an increase in price. Oftentimes, a whale could buy cryptocurrencies on an exchange and move them into their wallets in large volumes. This could result in a bullish price action for the crypto.

In some scenarios, whales may choose not to disturb the markets by buying or selling on an exchange. They would do an over the counter (OTC) transaction between two wallets. For instance, they may send Bitcoin to a wallet that will send USD Coin (USDC) back, resulting in a sale of BTC without the market spotting the transaction.

When the blockchain records a large transaction, investors can study the transaction and pick up the wallets involved in it. If the wallets hold large cryptocurrency positions, they can be labeled as crypto whale wallets. From then on, a regular check on these wallets and the transactions that are conducted can be insightful in assessing price movements of the crypto held in the wallet. 

Whale tracking can be equally beneficial in the NFT markets too. Most NFT communities have large holders of the collection. In many instances, these NFT holders are identified by the community. Tracking the behavior of wallets of these whales can help investors make quick buy/sell decisions.

For instance, if a famous NFT collector or a whale sweeps the floor of a nonfungible token collection, that can indicate high convictions. Followers of the NFT collection and the whale would notice that and purchase the nonfungible tokens. This behavior was noticed with Gary Vaynerchuk several times during the NFT bull market in 2021.

However, it can be overwhelming and time–consuming to manually stay on top of whale action, even when it is just for one cryptocurrency or NFT collection. This is where whale tracking tools come into play.

What are crypto whales?

Most cryptocurrencies have a number of large holders of the asset who can influence the price of the crypto asset. For active investors and crypto traders, it helps to understand the market behaviors of these whales.

Crypto whales refer to large holders of cryptocurrencies. They can be individuals or organizations who often own more than 10% of crypto. For instance, MicroStrategy owns nearly 130,000 Bitcoin (BTC) and can move the price of BTC by their market participation. Therefore, tracking the action of crypto whales provides timely insights into the price movement of a crypto asset.

This is not just a crypto phenomenon. In traditional markets, when a big player like Warren Buffett, a brand or a hedge fund reveals that they have taken a position in a particular asset, the price of the asset rallies or vice-versa. That said, when these players sell an asset, the market typically follows.

With cryptocurrencies and nonfungible tokens (NFTs), all transactions are on-chain. Thanks to the transparency that blockchain offers, transactions performed by wallets held by whales can be spotted by the size of the crypto positions they hold. These wallets can be tracked to then understand how the wider market could behave.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Gold vs BTC correlation signals Bitcoin becoming safe haven: BofA

Bitcoin’s growing correlations with gold, S&P 500 and Nasdaq 100 indicate that investors see BTC as a “relative safe haven,” BofA strategists wrote.

Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC) as a safe haven, a new study suggests.

The rise in correlation between Bitcoin and gold (XAU) is one of major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America.

Bitcoin’s correlation with gold — which is commonly viewed as an inflation hedge — has been on the rise this year, hitting its highest yearly levels in early October. The growing correlation trend started on Sept. 5 after remaining close to zero from June 2021 and turning negative in March 2022, BofA strategists Alkesh Shah and Andrew Moss said in the report.

“Bitcoin is a fixed-supply asset that may eventually become an inflation hedge,” the strategists wrote. The growth in BTC/XAU correlation is not the only indicator signaling growing investors’ confidence in Bitcoin as a store of value though.

Source: Bank of America

Bitcoin has also been increasingly correlated with major stocks like the S&P 500 (SPX) and Nasdaq 100 (QQQ). The correlation between Bitcoin and both SPX and QQQ reached all-time highs on Sept. 13, the BofA strategists wrote, adding:

“A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU indicate that investors may view Bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen.”

BofA strategists also mentioned massive Bitcoin outflows from exchanges to personal or self-hosted wallets. According to the study, weekly BTC exchange outflows in early October were the largest since mid-June, marking the third consecutive week of outflows. The strategists emphasized that large and continuous outflows to personal wallets indicate limited near-term sell pressure, stating:

“Investors transfer tokens from exchange wallets to their personal wallets when they intend to HODL, indicating a potential decrease in sell pressure.”

The BofA strategists mentioned that the report’s methodology included data from major Bitcoin exchanges, including Binance, Coinbase, Coincheck, FTX, Gemini, Kraken and others.

Related: Bitcoin profitability for long-term holders declines to 4-year low: Data

“The blockchain’s transparency gives us insight into the digital asset ecosystem that's not available in traditional financial markets,” the analysts stated.

The new report comes amid the rising risks of the global economic recession, driving more demand for the inflation hedge. Bitcoin has lost about 70% of its market value amid the massive crypto winter of 2022, triggering more skepticism over its status as an inflation hedge.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Crypto lender Hodlnaut seeks judicial management to avoid forced liquidation

Singaporean law offers temporary protection against any legal proceedings and claims, which the company believes would provide a breathing space to focus on its recovery plan.

Singapore-based crypto lending platform Hodlnaut is seeking judicial management to manage its ongoing liquidity crisis and avoid the forced liquidation of assets in the current bear market.

The crypto lender informed its users in a Tuesday announcement that they have applied to the Singapore High Court to be placed under judicial management. The firm said:

“We are aiming to avoid a forced liquidation of our assets as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices. Instead, we believe that undergoing judicial management would provide the best chance of recovery.”

Judicial management is a law in Singapore that allows financially troubled firms to rehabilitate themselves. Under this law, the court appoints an officer called the judicial manager for the troubled firm who takes over the charge from the company’s director for the time being. The appointment of a judicial manager can take up to a few months. Until the court confirms, the company may apply to appoint an interim judicial manager to act on a temporary basis in the same capacity.

Hodlnaut has recommended Tam Chee Chong, director of the financial consultancy firm Kairos Corporate Advisory, as the interim and subsequently judicial manager. The crypto lender said that Chong holds nearly four decades of experience in corporate finance advisory and has taken on the role of a judicial manager in various companies which underwent restructuring. The announcement read:

“With his experience and track record, we believe he will be able to execute our recovery plan and restructure the business effectively.”

The application is yet to be heard by the court and the firm has given Aug. 19 as the next date for further updates on their judicial management application.

If approved the law would also protect Hodlnaut from legal claims and proceedings temporarily which the company believes would provide a “breathing space to focus our efforts on the recovery plan to rehabilitate the company.”

Related: Celsius Network coin report shows a balance gap of $2.85 billion

Hodlnaut became one of the many crypto lenders to fall prey to the crypto contagion initiated by the TerraUSD Classic (USTC) collapse and fueled by the insolvency of multi-billion dollar crypto hedge fund Three Arrows Capital, which had borrowed several million dollars in loans from these crypto lenders. The crypto lender paused all trading activity along with deposits and withdrawals on Aug., 8 citing market conditions and liquidity crisis.

Although Hodlnaut avoided any 3AC exposure, multiple reports and on-chain data suggest the firm held about $150 million in USTC at some point. Hodlnaut didn’t respond to Cointelegraph’s requests for comments at press time.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Blue chip NFT performance fails recovery, but investors HODL even harder

In the last 30 days, over 53% of NFT investors made losses on sale trades. Despite the cold market sentiment, the number of investors that hold their NFT investments continues to rise.

The market performance of blue chip nonfungible tokens (NFTs), often considered a good long-term investment, revisited its all-time low range for the second time since June 2022 — falling down below 10,000 Ether (ETH) in the blue-chip index maintained by NFTGo.

Blue chip NFTs marked their best performance not too long ago, on April 29, amounting to nearly 14,900 ETH. However, June 13 was the worst performing day in blue chip NFT history when the index fell down to 9,331 ETH — primarily driven by a floor price adjustment in CyberKongz and CyberKongzBabies projects.

Performance indicator of blue chip NFTs. Source: NFTGo

In the last 30 days, over 53% of NFT investors made losses on sale trades. Despite the evidently cold market sentiment, the number of investors that hold their NFT investments continues to rise.

Investor behavior pattern show increase in long-term holders. Source: NFTGo

Nearly 500,000 users joined the growing pool of NFT investors in June and July alone who intend to hold for the long-term, taking the number of holders above 3 million at the time of writing. Out of all the NFT categories, PFP (picture for proof) NFTs boast the biggest market capitalization of $13.95 billion.

Former leaders such as collectibles, games and art NFTs together represent approximately $6.7 billion in market capitalization.

Related: OpenSea introduces new stolen item policy to combat NFT theft

Taking a proactive measure to counter illicit activities via NFT trades, NFT marketplace OpenSea announced plans to design policies around the sale of stolen NFTs on its platform.

OpenSea admitted that buyers unknowingly bought stolen items and were penalized for no fault of their own. As a result, the marketplace adjusted its policy to expand the use of police reports in identifying threats.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Selling Bitcoin doesn’t mean you’re not bullish: Cypherpunk CEO

Cypherpunk is one of the first public firms in the world to ever invest in Bitcoin and it opted to sell 100% of its crypto by June 2022.

Despite a massive wave of liquidations on the cryptocurrency market, some companies that sold their crypto over the past few months are not bearish on Bitcoin (BTC) at all.

Canada-based investment firm Cypherpunk Holdings was one of the companies that opted to sell crypto amid the crypto winter of 2022, liquidating 100% of its Bitcoin and Ether (ETH) by June. One of the first public companies in the world to ever invest in Bitcoin, Cypherpunk said at the time that it maintained its long-term “bullish outlook on crypto” despite selling all its digital coins.

One may find Cypherpunk’s crypto liquidation somewhat odd as the company’s stock is publicly trading under the ticker symbol HODL on the Toronto Stock Exchange. The acronym is widely used in the crypto community to refer to “Hold On for Dear Life,” or the bullish strategy of holding onto Bitcoin no matter what the market circumstances are.

According to Cypherpunk CEO Jeffrey Gao, crypto investors can still remain bullish despite cashing out their crypto from time to time.

“We're in this business because we are net bullish on crypto over the long term,” Gao said in an interview with Cointelegraph. Cypherpunk can go back into Bitcoin or into “any crypto or any basket of crypto” tomorrow if they want, and those are ​​”certainly opportunities” that the firm is actively pursuing, the CEO noted.

Gao said that the industry has seen forced liquidations as even “supposedly the most sophisticated” institutions like Voyager, Three Arrows Capital and Celsius got involved in operations that were “completely devoid of risk management.” According to the CEO, the absence or near absence of risk management is what really separates the crypto industry from something that is more mature. Gao added:

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. [...] You can be bullish on crypto, but you can still sell out of the market.”

According to Gao, Cypherpunk started the liquidation process in early May, right before the Terra (LUNA) — now renamed Terra Classic (LUNC) — network collapse, with the algorithmic stablecoin TerraUSD (formerly UST) losing its U.S. dollar peg on May 10. “By the time that it happened, we probably offloaded about 30% or 40% of the risk,” Gao said, adding that Cypherpunk then sold another portion when BTC briefly traded above $30,000 in late May. “The final one-third we probably got rid of was sometime in June,” Gao noted.

Related: Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin

“We basically made no progress, but we also avoided much of the capital destruction,” Gao said. He went on to say that he is very optimistic about altcoins like Ether and Solana (SOL), despite some issues with the Solana ecosystem issues in early August.

“Over the longer term, at least at this point in time, I would be more bullish on Bitcoin conservatively than those other tokens. But over the next two or three months, I’m probably more partial towards Ethereum and Solana,” the CEO noted.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Bitcoin hodling activity resembles previous market bottoms: Glassnode

Bitcoin’s price had just topped $21,000 at the time of writing — meaning around 45% of BTC holders have an “on-paper loss,” according to Glassnode.

The majority of Bitcoin has been “hodled” for at least three months in behavior bearing a striking resemblance to previous Bitcoin market bottoms, says blockchain analytics firm Glassnode.

In a July 16 tweet, Glassnode noted that more than 80% of the total U.S. dollar (USD)-denominated wealth invested in Bitcoin has not been touched for at least three months.

This signifies that the “majority of BTC coin supply is dormant” and that hodlers are “increasingly unwilling to spend at lower prices,” said the firm.

Bitcoin’s price is $21,013 at the time of writing, down almost 70% from its all-time high of $69,044 in November 2021. The current price puts around 45% of Bitcoin holders with an on-paper loss, according to crypto intelligence firm IntoTheBlock.

According to the Glassnode chart, other times that saw similar levels of Bitcoin hodling were during the end of the bear markets of 2012, 2015, and 2018.

Last week, Coinbase's head of institutional research, David Duong, wrote in a July 12 report titled “The Elusive Bottom” that on-chain data suggests that recent BTC selling has been carried out “almost exclusively” by short-term speculators. Long-term BTC holders “have not been selling into the market weakness,” he added.

“These holders own a highly concentrated ~77% of the total supply, which is down slightly from 80% to start the year but still quite high,” he explained before adding:

“We see this is a positive sentiment indicator as we believe these holders are less likely to sell BTC during turbulent periods.”

Earlier in the month, Glassnode analysts noted that the Bitcoin market had seen an almost complete purge of “tourists,” noting that activity on the network is at levels concurrent with the deepest part of the bear market in 2018 and 2019.

Related: Bitcoin ready to attack key trendline, says data as BTC price holds $20K

Glassnode revealed that the number of active addresses and entities had seen a downtrend since November 2021, implying new and existing investors alike are not interacting with the network.

Additionally, the number of non-zero BTC addresses has reached an all-time high of 42,530,652, according to the firm.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Despite ‘worst bear market ever,’ Bitcoin has become more resilient, Glassnode analyst says

Though on-chain metrics point to the worst Bitcoin bear market on record, they also highlight hodlers' growing resilience.

While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph. 

In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets. 

“Cycle after cycle, that floor of hodlers is higher, the amount of activity is higher,” Check said.

Check also points out that shrimps, the entities who hold less than one Bitcoin, are accumulating at a record pace, surpassing the levels of the 2017 bull market’s peak.

“The shrimp are essentially seeing this is a an immense period of value,” he explained. 

Check out the full interview on our YouTube channel and don’t forget to subscribe!

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

Mureau remains bullish on crypto's outlook despite a severe bear market in recent months.

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there's "not a lot left" to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult, but there is one asset class that's (unsurprisingly) catching the fund manager's attention – cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph Editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

"It's just like the end of the 90s with the internet bubble, so you're still early in the space," said Mureau. "A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that's all arranged by the blockchain." He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can't print more of the digital currency. "So that, for me, makes for a very safe hedge. 30% Volatility in asset prices can be bad, but not if you lose 70% on your local currency's purchasing power each year."

When asked about his advice to new crypto investors, Mureau explained for institutional investors, who are typically risk-averse about protecting their capital, that anywhere between 1% to 5% would be an ideal exposure target. However, he suggested that retail investors, especially those who are young, can easily go beyond that target as there will be ample future income to supplement the portfolio. Currently, digital assets represent as little as 0.12% of all financial assets outstanding. "So if it goes from 2% to 4%, which is more than 10x from now, that means you've got a bit of a mature model. If you times the original number by 12, you're at the level of gold."

Of course, institutional investors typically have access to much more in-depth sources of information. But when asked about what retail investors can do to hone in their research, Mureau said:

"First, on-chain analysis is very important, because you can see who actually owns the coins. Suppose you see that 90% of the coins are owned by three individuals who are tied to the project, then you know it's a bit scammy."

He went on: "There are also loads of companies like ours, where they just write reports and put them on the website. Other elements Mureau recommended investors research are use cases, such as staking opportunity, social media presence, and inquiring about its community. "This might be a challenge, but it's similar to the internet's early days. Ultimately, the market will shake out those without meaningful traction and are just using crypto as a bandwagon."

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 Bitcoin.

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe have been in the rush to accumulate as many of the 21 million BTC — one Satoshi at a time.

With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 BTC. On June 20, Cointelegraph reported that the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091 in just 7 days.

While the total number of addresses holding 1 BTC saw an immediate reduction in days to come, the crypto community on Reddit continues to welcome new crypto investors that hodled their way into becoming a wholecoiner.

A Reddit post announcing the procurement of 1 Bitcoin. Source: Reddit

Redditor arbalest_22, who shared the above screenshot, revealed that it took him around $35k in total to accumulate 1 BTC over several months since February 14, 2021. Showing further support for the Bitcoin ecosystem, the Redditor aims to continue procuring Satoshis or sats until he accumulates over 2 BTC. 

Arbalest_22 started purchasing BTC from crypto exchange Coinbase but later started using Strike owing to lower fees. Sharing a peek into his future plans, they stated:

“I’m hoping in the future I can treat it more like rich people treat real estate and take loans out against it. Then as it appreciates just pay off the old loan with a new one. Boom, tax-free income.”

Following suit, another Reddit user Evening-Main-5860, too, posted about being able to 1 BTC after largely following a dollar-cost averaging (DCA) strategy, wherein they regularly bought smaller amounts of BTC over a long period of time, stating:

“I was able to catch the falling knife and buy enough to get me over the finish line. This was no easy feat. I'm just an ordinary guy with an ordinary life.”
Data on number of wallet addresses with at least 1 BTC. Source: Glassnode

Between June 15 to June 25, the total number of Bitcoin wallet addresses holding more than 1 BTC grew by 873, according to Glassnode data.

Related: ‘Bitcoin dead’ Google searches hit new all-time high

While falling BTC prices are seen by many as an investment opportunity, Google search trends highlight the tendency of other investors to speculate about its demise.

The Google search results reflect peak anxiety for the cryptocurrency markets following weeks of relentless selloffs in asset prices.

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

El Salvador president addresses bear market concerns with Bitcoin hopium

As tensions rise amid falling BTC prices, President Nayib Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market.

El Salvador introduced BTC as legal tender on September 7, 2021, when its market price was around $50,000. Ever since, Bukele’s government made significant returns on their initial BTC investments as Bitcoin rallied to its all-time high of $69,000, which was redirected to the country’s various infrastructure development initiatives.

However, as tensions rise amid falling BTC prices, Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market.

Nayib Bukele, the president who helped Bitcoin (BTC) gain legal tender status in El Salvador, addressed the rising concerns of investors as BTC began trading for under $20,000 for the first time in 18 months.

In his tweet, Bukele advised fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about an inevitable comeback, stating that:

“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

The advice received mixed reactions from the community as many pointed out the fact that El Salvador procured most of its BTC at a much higher price than the current market value. While critics expect BTC and other cryptocurrencies to continue on the downward trend, on-chain analytics signal the oncoming of Bitcoin’s reversal back to its former glory.

Some of the popular suggestions to Bukele from the crypto community amid the bear market include launching the Bitcoin Bonds.

Related: El Salvador 'has not had any losses' due to Bitcoin price dive, Finance Minister says

As the world keeps track of El Salvador’s Bitcoin economy, Alejandro Zelaya, the Minister of finance of El Salvador, dismissed allegations about the country losing over $40 million, stating:

“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”

In response to a journalist's question about El Salvador's reaction to Bitcoin's sharp dip, Zelaya responded by saying that “There is a clear criticism of Bitcoin as such, not of El Salvador's strategy.”

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation