Bitcoin and most altcoins are crashing.
If you're watching this video, you may be wondering whether or not you should invest in bitcoin. Or rather, you want to know the market sentiment so you can continue trading other crypto assets. Bitcoin is the king of the space, so if it goes bad, most altcoins will go bad, but not all. Therefore, it's not all bad news for today's video. But then, what is the good news? That's what we'll see in today's video.
So, watch this video all the way through so you don't miss anything.
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Now without further ado, let's get straight to the point.
Will the black streak of the king of cryptos come to an end? - Three weeks after the collapse of the stablecoin UST, which caused widespread panic in cryptocurrencies, Bitcoin (BTC) is trying as best it can to recover. For fear of seeing it break new supports, technical rebound attempts have been made. So far, they have all fallen through, until proven otherwise.
And for good reason, with a bear run that doesn't seem to be at its peak, the latest technical analysis offers us a pessimistic perception of BTC prices in the coming weeks. However, sellers could take their foot off the gas a bit, and thus cash in some of their profits. This would pave the way for a technical rebound that is overdue. All this in a classic bear run process that could be prolonged.
At the moment, at the time of this recording, bitcoin is at $29,500. Will we go down? Are we going up? We're going to see all of that in this video.
If you've been following the price of Bitcoin over the past few months, you've surely noticed that the price has fallen a lot, this is due to a succession of bad news.
One of them is this warning made by the New York Attorney General who recently warned against investing in crypto-currencies, as the state seeks to ban mining.
New York’s attorney general said the cryptocurrency market contains myriad risks for investors, from wild price swings to potential losses from hacks or fraud.
Letitia James reminded New Yorkers of the risks of investing in virtual currency in a guidance note published Thursday. She said investors have lost hundreds of billions of dollars in crypto investments in the market turmoil last month and said even legitimate virtual currency assets are subject to speculative bubbles and security issues. She added that the market also lacks significant oversight as there are no federally regulated exchanges.
Now, you may be wondering why this news has affected Bitcoin so much? Well, New York, is the center for traditional finance in the U.S., and is also an important market for many crypto firms.
And as we just mentioned, New York state legislators just passed a bill to ban certain bitcoin mining operations that run on carbon-based energy sources. The measure will now go to the desk of the governor, Kathy Ochoa, who could sign or veto it. And if it passes, it would make New York the first state in the country to ban blockchain technology infrastructure.
Now, if they go through with it, that would be pretty good news for the whole Bitcoin community as well as for cryptocurrencies in general. Do you want to know why? Well, because the harder it is to mine Bitcoin, the more its price will rise as demand for it increases. In fact, the performance of the market is based on supply and demand. So, we still have some hope for the future.
And right now, the U.S. is at the forefront of crypto-currency mining and accounts for over 38% of the world's miners today. What we don't want to see is a ban on mining in the entire United States having a trickle-down effect everywhere. But this news should in no way shock you because this is not the first-time bad news has appeared in crypto. Indeed, there have been worse in the past, and some have even called Bitcoin dead. And indeed, in many articles from 2012 when Bitcoin was already starting to gain momentum, people were saying why Bitcoin could not be a currency and yet today it is a legal tender in El Salvador. Many other countries are looking to make it their legal currency as well. So, Bitcoin has been the subject of a lot of negative commentaries, and yet, at every turn, Bitcoin has continued to make new highs.
A few years ago, some pundits were saying that Bitcoin was an obvious bubble, and although they were pretty much right at the time, Bitcoin definitely went down to $3,000. Yet a few years later, it reached new all-time highs around $70,000.
Now the question on everyone's mind is, will Bitcoin bounce back? Will bitcoin reach $100,000?
Reaching $100,000 is a matter of time.
Few show any real enthusiasm for Bitcoin and other cryptocurrencies. But guess what?
Mike McGlone, a senior commodity analyst at Bloomberg, differs from the average by having always been bullish on Bitcoin and Ethereum (ETH). That's still the case today, as he just renewed his prediction of $100,000 BTC sometime soon. But then, is the road to $100,000 unstoppable?
Well, Mike McGlone is adamant that Bitcoin has a great future. In a recent interview with the Kitco News YouTube channel, the expert observes the current gloom in the crypto-asset market.
While it's impossible to say whether a low point has been reached in the short term, Mike McGlone believes that the crypto market - and Bitcoin at the forefront of it all - could be headed for new highs in the medium term.
The reason Mike McGlone is so confident about Bitcoin's future is because of the inflation of fiat currencies that are starting to be felt more and more strongly. The economic recession is looming, and the analyst sees Bitcoin as a new digital gold. A modern version of the golden metal that, like its predecessor, would protect against the devaluation of fiat currencies, and thus the loss of their purchasing power.
Even Bitcoin's volatility, often systematically used as a counter-argument to its role as a store of value, does not impress Bloomberg's commodity strategist.
The road to $100,000, however, looks to be long, and certainly full of obstacles. While they too may be convinced that BTC will eventually rise again, for the time being, the miners of the Bitcoin network are forced to resell some of their precious production. This is another consequence of Bitcoin's crash.
Now, whether you decide to sell your crypto-currency or see a drop as an opportunity to buy more, you need to act coolly. Making emotional decisions, especially in trading, rarely results in anything good. So, before you rush into the market in a panic, you need to think about why you are trading crypto-currencies in the first place.
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