Bitcoin
Bitcoin is just about to explode and dominate the cryptoverse again
If you follow Bitcoin news (as we assume since you’re reading this), you know there’s a lot of bad vibe around it. Haters say it’s too volatile, that it’s worth nothing, that it isn’t money, that’s it’s ruled by China and many other things. Well, most of that is just absurd. It has nothing to do with reality and everything to do with fear which is, unfortunately, the way most markets work.
So let’s take a minute to have a look at Bitcoin’s current situation and try putting it into perspective so we can find out if it’s so bad as critics say or if things are going more or less well, giving us no reason to panic.
As we all know (and if you don’t you’ll find out in this very sentence) Bitcoin reached it’s highest peak last December 17th. It’s been all going down since then. This is terrible news if you bought tokens back then but is it that bad for the community as a whole? Does it mean that Bitcoin and crypto are doomed?
Some people would answer affirmatively to both questions, but you should take that point of view with a grain of salt. A lot of the people who manifest that are people who are reading the writing on the wall but are scared of Bitcoin to go up because they don’t own any. We know how childish this sounds either from them or form us, but it happens.
But if you take the time to look closely into the Bitcoin market’s recent developments, there are plenty of good signs. We are quite confident that this will mean that Bitcoin will grow back, it will explode in price at some point in the future, and it will lead the way (as it always has) for the cryptosphere as a whole.
Let’s review the facts.
First of all, something like 10% of all of the world’s Bitcoin wallets has remained inactive for most of the year. And some of those wallets are pretty big. This means that there is a perfect proportion of BTC holders who are sure that their digital asset’s value will go up again, which is why they’re not selling, even as the market keeps going down.
Then there’s the volatility factor. Crypto markets, Bitcoin especially, have been intensely criticized by skeptics and haters because of the level of volatility they have. While volatility has been, indeed, the rule for years, if you have a look at what’s happened over the last month, you’ll find that Bitcoin is, right now, half as volatile as the Dow Jones index or as any fiat currency market. In other words: BTC is becoming a stable means to store wealth, more reliable than most other traditional resources such as the stock market, USD, Euros, or Pound Sterling.
One last thing: have a look at the value chart for, say, Apple’s shares. Then compare it to the current chart for Bitcoin and other digital assets. Do you see how much they look alike? Apple has been around for more than three decades, so it’s had the time to explode but just notice how Bitcoin is showing the behavior Apple did before it went big (and we mean really big).
Remember this: 17 years ago everybody was sure that Amazon would go down like a led balloon. A lot of ink was spilled explaining the world why it was never going to work or recover. Well, Jeff Bezos is now the world’s richest man and nobody doubts about Amazon as a viable option. So don’t despair about your Bitcoin holdings. If you have some, keep them. If you don’t, do your homework and get some.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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