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-1.11%Reading
Bitcoin’s epic bull run was caught short yesterday as the coin plummeted in value by $3,000 in a single day.
Bitcoin’s bull run saw the price of Bitcoin rise from $12,900 to over $19,000 between October and November. But yesterday, Bitcoin’s price crashed all the way down to $16,400, marking a 15% decline in just 24 hours. But is there further pain on the way, or might the Bitcoin price rebound?
“The price of Bitcoin looks to have settled around the $17,000 mark for the moment, the sharp decline yesterday happened very quickly but levelled off just as quickly,” Lior Messika, managing director of Eden Block VC, a company focused on enabling a blockchain future, told Decrypt.
In other words, while hopes of an all-time high were quickly dashed, there might be reason to celebrate that Bitcoin isn’t about to embark on a price crash reminiscent of January 2018.
One reason for this optimism is that sophisticated investor interest in Bitcoin is still very young, and this interest promises to continue to grow.
“Bitcoin still has a lot more room to grow because it’s still early days of retail investor interest,” George Harrap, an early crypto entrepreneur, told Decrypt, adding that “a lot of this buying is not driven by small retail investors, it’s by sophisticated investors with a lot of money.”
That strong investor interest will not only serve to help Bitcoin recover a higher price, but it will continue to promote Bitcoin’s popularity as an asset.
Resting on the same logic of strong fundamentals buoyed by interest from wealthy investors, Tim Rainey, CFO of mining facilities provider Greenidge Generation, observed, “With institutional companies purchasing cryptocurrencies as a store of value or integrating them into their products or services, the current market rally has been driven by stronger fundamentals, unlike what we witnessed in 2017.”
Mainstream adoption—a long term goal for most Bitcoin supporters—might lie on the road paved by big investors.
According to Charles Gonzalez, regional director for multi-chain platform Komodo, “In 2017 we were all talking about adoption but now It feels like Bitcoin adoption is actually happening. PayPal and other major Fintechs are dipping their fingers in the BTC basket.”
The Bitcoin balance on all major crypto exchanges has fallen to levels not seen since August 2018—hitting a 27-month low—as noted by market insights platform Unfolded. The current balance on exchanges is 2.3 million Bitcoin, according to data from Glassnode. The total amount of Bitcoin on exchanges. Image. Glassnode The total amount of Bitcoin on all exchanges has been steadily increasing since 2014. It moved from about 350,000 Bitcoin to just under 3 million in January of this year, an increas...
What’s more, as giants of the financial world continue to invest in Bitcoin—MicroStrategy and Square as two flagship examples—Bitcoin can benefit from increased scarcity. “As more BTC is bought up, its scarcity will drive the price upwards. It’s the complete opposite of FIAT currencies which are currently struggling to retain their purchasing power,” Gonzalez added.
However, not everyone remains convinced about Bitcoin.
Peter Schiff, CEO of investment company Euro Pacific Capital, didn’t mince his words when reacting to the Bitcoin price crash.
Chinese police have seized a total of 194,774 Bitcoin—a total 1% of the Bitcoin total supply—over the PlusToken Ponzi scheme, as reported by The Block. In addition, they have also seized over 830,000 ETH, 1.4 million LTC, 27 million EOS, 74,000 DASH, 487 million XRP, 6 billion DOGE, 79,000 BCH, and 213,000 USDT. The PlusToken Ponzi scheme, which was first ruled on by a district court in China's Jiangsu province this September, reportedly began in May 2018. The scheme advertised a non-existent...
“Remember in every bubble those who don't participate always look like fools for missing out. It's only after the bubbles pop and the air comes out that the real fools are exposed,” Schiff said on Twitter.
So today as BTC got close to its ATH the price collapsed by 13% as the same scam of retail suckers with FOMO being duped by manipulative whales occurred. Inequality coefficient of BTC worse than North Korea where Kim owns most of the assets. 2% of whales control 98% of BTC. 11/n
— Nouriel Roubini (@Nouriel) November 26, 2020
Nouriel Roubini, professor of Economics at New York University’s Stern School of Business, went as far as to say that Bitcoin’s inequality coefficient is “worse than North Korea where Kim owns most of the assets,” adding that “2% of whales control 98% of Bitcoin.”
The one thing Bitcoin isn’t short on is controversy.
World Liberty Financial, the Trump family’s Ethereum-based crypto platform, successfully completed its first widescale airdrop Wednesday, sending $47 worth of its stablecoin to tens of thousands of user wallets. All crypto wallets holding any amount of WLFI, the project’s governance token, were eligible to receive the airdrop, according to a proposal that passed last month. Crypto users in certain jurisdictions including New York, however, were excluded from the giveaway for legal reasons. Acc...
Wall Street giant JP Morgan plans to allow its wealthy clients to use shares in crypto ETFs, like BlackRock's iShares Bitcoin Trust, as collateral for loans. Unnamed sources familiar with the matter told Bloomberg, who first reported the news, that the bank will also begin taking crypto holdings into account when assessing clients' net worth and liquid assets. This would mean that crypto gets the same treatment as real estate and vehicles when assessing a client's ability to repay a loan. "We ca...
A new bill has been passed by the California State Assembly which will mean state agencies are able to accept crypto payments if it comes into law. The vote was a unanimous 68-0 and now moves to the Senate where it can be taken further. Assembly Bill 1180 (AB 1180), passed on June 2, will require the Department of Financial Protection and Innovation (DFPI) to further develop rules to permit the state fees and transactions under the Digital Financial Assets Law (DFAL), so cryptocurrencies can be...
