Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next
[NEWS BLOG]: Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next
It’s not a secret that Bitcoin hasn’t done well over the past few days and weeks; since the weekend’s $9,200 peak, the cryptocurrency has lost nearly 18%, and since the $10,600 peak in February, BTC has shed over 25%. In the process of this brutal move, hundreds of millions worth of leveraged positions have been liquidated.
Furthermore, with a harrowing macro outlook and Bitcoin seemingly becoming correlated with the stock market, some have been wondering if BTC could enter back into a bear market. One analyst, in fact, warned of a potential return to $4,000.
Despite these fears, many are staying optimistic. In fact, the trader who called the return to $7,500 when investors were by and large expecting a further rally above $10,000 recently floated the scenario that BTC is in the midst of bottoming
OTHER RELATED NEWS
Philippines and BCB Blockchain to Work Together on Smart Cities
Singapore-based blockchain firm BCB Blockchain has signed a memorandum of agreement (MoA) with a branch of the Philippines’ Department of Science and Technology (DOST) to support the development of local smart cities.
Per a Nov. 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD).
Building smart cities and applications
The joint initiative intends to facilitate the development of local startups focused on the creation of smart city projects and applications. Additionally, the company has reportedly partnered with - read more.
Crypto Analyst Claims Bitcoin’s $20K All-Time High Was Fake
A cryptocurrency analyst has suggested that price manipulation was behind Bitcoin’s current (and previous) all-time highs, and that the $20,000 December 2017 price was “fake.”
Cane Island Alternative Advisors’ Timothy Peterson has claimed that Bitcoin’s (BTC) near-$20,000 all-time high in December 2017 was “fake.”
In a tweet on June 11, Peterson said that it took seven years for people to accept that Bitcoin was manipulated in 2013, referencing a recent ruling by a Japanese court upholding data tampering charges against former Mt. Gox CEO Mark Karpeles.
He then asked, “How long before people understand $BTC was manipulated again in 2017 and 2019?” before signing - read more.
What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.