Bitcoin
This Major Crypto Exchange CEO Says Its Foolish To Ignore Bitcoin (BTC)
The slide in the value of the cryptocurrency markets seems to have settled at the current levels of $253 Billion and at the moment of writing this. Bitcoin (BTC), the King of Crypto, is holding its own at levels above $6,000 and is currently trading at $6,084. Many traders have kept asking if this is the end of Bitcoin, but some experts believe that this is a normal cycle in any trading arena. There is always a decline in value after an impressive rally in any markets. We had one such rally back in December into January. We are in the decline phase. Then there is sure to be another rally sometime soon.
It is with this history of Bitcoin and the crypto markets, that the current co-CEO and co-founder of the revolutionary trading app known as Robinhood, Vlad Tenev, says that Bitcoin has significant staying power. What he means by this, is that Bitcoin is not going anywhere.
Vlad Tenev would later add the following during an interview at the CB Insights’ Future of Fintech conference:
“It’s very foolish to say bitcoin is done.”
Further investigating his thoughts on Bitcoin, and looking back at BTC values exactly one year ago, we find that the digital asset was valued at around $2,650 in June 2017. Doing the math, the current values of $6,084 are a cool 130% higher than what we had a year ago. This is an amazing feat that can only happen in the crypto markets. In the regular stock markets, an asset that does 25% in a year, is celebrated to a level higher than an Olympic gold medalist.
Going back a bit further in the archives and during the Mt. Gox hack of 2013, we find that BTC fell from levels of $1,100 in December 2013, to $300 levels within a year. This is a significant drop in the value of up to 73%. Bitcoin did not recover to the values of $1,100 until around February 2017. It took over 3 years for these levels to be reached once again. Reflecting on this dark period of BTC, we can conclude that the crypto markets will be alright.
Bringing it all together, Bitcoin and the entire cryptocurrency markets are currently going through tough times due to regulatory headaches. Once that hurdle is out of the way with the countries of Japan, South Korea, Russia and the USA giving clear regulatory direction, then the crypto markets will surely take off to the tunes of being valued at levels higher than the predicted $20 Trillion.
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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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