“Bitcoin slid as much as 26% over Sunday and Monday in the biggest two-day slide since March. This slide of the Bitcoin value is fueling concern that the cryptocurrency bubble may be about to burst.” Thread👇
In late December, @ScottMinerd predicted Bitcoin could eventually reach $400,000, nevertheless, he changed his position last week stating that the “Bitcoin’s parabolic rise is unsustainable in the near term.” #BitcoinCrash
Why did the bitcoin dropped last week? 1- The Grayscale Bitcoin Trust (GBTC), the biggest publicly traded crypto investment trust, hasn’t seen inflows since Christmas because it was temporarily closed, as noted by analyst Joseph Young.
2- That means demand-side pressures, which played a pivotal role in pushing bitcoin from $10,000 to $41,000 over the past months had weakened and at the same time exchange deposits have picked up the pace- a sign that some investors may be looking to liquidate holdings.