Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Bitcoin Soars Back Above $32k As Dip-Buyers Erase Day’s Losses

Courtesy of ZeroHedge View original post here.

Update (1200ET): Well that de-escalated quickly. Having dropped into the red for the year (briefly), a wave of crypto dip-buyers have sent Bitcoin back above $32k and into the green for the day…

*  *  *

Update (1030ET): Bitcoin has continued its slide and is now in the red for 2021. Ethereum is stil up over 130% YTD.

Source: Bloomberg

In addition, the so-called Bitcoin Proxy stocks are all suffering today led by a plunge in MSTR…

Source: Bloomberg

And some context for this drop…

*  *  *

As the flow of headlines proclaiming "China cracking down on crypto" for the n'th time continue to flow, uncertainty has sparked more selling.

Bitcoin has dropped below $30,000 for the first time since January

Source: Bloomberg

This follows Bitcoin's death cross yesterday…

Source: Bloomberg

Ethereum is also ugly this morning, breaking below $2000…

Source: Bloomberg

Overall, as CoinTelegraph explains, nothing has fundamentally changed in the Chinese government’s position on Bitcoin since its controversial trading ban came into force in September 2017.

“Half the Bitcoin network has now been shut down by China. Bitcoin hash rate at levels of mid-2020,” Charles Edwards, CEO of asset manager Capriole, noted in a series of tweets on the mining crackdown that formed the previous source of Chinese price pressure.

Others argued that Bitcoin has gained new opportunities thanks to the punitive measures from both banks and government — mining will shift elsewhere, and the network will flourish as a result of making use of friendlier, more reliable jurisdictions.

“The ‘China-dominated’ Bitcoin mining era may be coming to an end.” Alex Gladstein, chief strategy officer of the Human Rights Foundation, commented on a farewell message from one miner in the province of Sichuan.

“It will be a source of rich irony for future historians to teach that the world’s free, open, and decentralized monetary network was secured in its early years by individuals inside a repressive dictatorship.”

Others, such a stock-to-flow model creator PlanB, are even bullish on practically every timeframe beyond the daily chart.

As Cointelegraph reported, his “worst case scenario” is now $135,000 for BTC/USD by the end of this year.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!