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Bitcoin is far from disintegrating into the dark, instead, it will rise soon enough
Bitcoin’s price dropped down to US$18,000 over the weekend, which was its lowest price since December 2020 and was followed by the Federal Reserve’s decision to raise the interest rates by 0.75%. Bitcoin did rise back up to US$20,000 after a short while, approximately rebounding nearly 6% within a period of 24 hours. Bitcoin is the world’s leading and most trusted cryptocurrency, but most investors are losing their appetite to further invest in cryptocurrencies due to the massive meltdown in the Bitcoin price. There are several reasons why the cryptocurrency’s value fell. The stock markets are still struggling to regain back its foothold in the global financial and economic backgrounds. Besides, experts also note Russia’s continuous attacks on Ukraine and the possible role of Bitcoin and cryptocurrencies in the war as one of the primary reasons why Bitcoin tumbled so hard.
Currently, the leading cryptocurrency is at a tight range, and any deductions in its market value would result in chaos and panic in the investor community. Besides, the crypto market has been extensively tracking the stock market. Anxious investors claim that if the crypto market is impacted in a similar manner the way other traditional investment domains are, then its decentralization nature will start to lose its charm and would only end up remaining as a volatile marketplace. When Bitcoin dipped below the US$20k resistance, experts speculated that the crypto will finally gain resistance around US$17,000. Surely, there might have been countless speculations about the crypto’s prospects which mostly do not yield positive conclusions, BTC believers are quite confident that it is not so easy to make Bitcoin disappear into thin air.
Factors that indicate the BTC era is far from being over
Recent reports about Bitcoin’s present price movements have revealed that Bitcoin’s downtrends in market value are being used as an opportunity for smart investors to buy as many BTC tokens as possible. Even though the crypto experienced a down price action, the number of coins has increased dramatically over the last week. The market price of Bitcoin experienced a record-low value since 2020, but over the last 10, the number of Bitcoin ‘wholecoiners’ have surged by over 13,000.
Experts specifically warned investors to avoid investing in Bitcoin at this current stage due to the market’s volatile condition. But the rapid rise in the number of whole corners speaks a different story altogether. Besides, it’s not just the ‘wholecoiners’. The number of crypto wallet addresses that added 0.1 BTC has also surged over the last ten days. While investors load on their BTC investments in this bearish season, whales have started to dump their investments after retaining their hopes for too long, losing massive amounts of finances, and then finally giving up. The sell-off season for Bitcoin was not just initiated because of BTC’s fall but was also the after-effect of Terra’s implosion in the market, which further scared off investors from the market.
The real question that is the focus of the crypto market is when will Bitcoin finally rise? The market was a little relieved when its value surged around the first week of April, as it was inching towards US$48,000, but BTC fell. And as experts had predicted, the crypto lost all its support points and was in a free fall. Nevertheless, its adoption rate did not fall out. Instead, major global luxury brands have adopted Bitcoin as a legal mode of payment. In fact, centralized authorities like banks and governments are also regulating Bitcoin to encourage its citizens to safely invest in cryptocurrencies.
Google search results are carrying phrases like ‘Bitcoin is dead’ as trending. The past few days have brought nothing but a series of storms in the investment community. The crypto and market markets, along with the mainstream financial and economic markets have been suffering due to various macroeconomic reasons. It is quite difficult to predict when Bitcoin will rise again, but it sure will not disintegrate into oblivion giving way to altcoins to dominate the market.