Sudden Bitcoin (BTC) Price Movements Hurt Gold Store Of Value Comparison
Can Bitcoin Still Be Gold 2.0 If Its Price Keeps Dropping?
There is probably no subject that was talked about more in the crypto circles than the Bitcoin bear market. After hitting unprecedented high prices, Bitcoin fell down and the fall was very hard. The crypto went from $20,000 USD from as low as about $6,000 USD since December 2017.
While the Bitcoin bulls are still trying to find new ways for the cryptocurrency to get its price back, we have seen another setback today as the price of the token has fallen from $6,600 USD to just under $6,300 USD.
Bitcoin has been trading between $6,300 and $6,600 USD for a while now and its volatility was greatly diminished recently. While the prices have been very stable and floated around $6,600 USD for a good time, this new movement trend if worrisome and, if it continues, it can actually mean some very deep trouble for the favorite token of the crypto market.
Specialist: Bitcoin Prices Are Down Because They Are Tied To Global Equities’ Prices
Craig Erlam, the senior market analyst at Oanda, has recently affirmed to Marketwatch that there might be a correlation between the fall in the price of Bitcoin and a very bad session in the global equities market.
According to Erlam, Bitcoin’s dream of being Gold 2.0 can be in danger as the cryptocurrency has failed to pass all the trust that some investors expected. Partly because of this, it looks like its price might have been affected by a particularly bad session of the equities market.
Erlam has also noted that the $6,000 USD price range seems to be a critical level for Bitcoin at the moment. He believes that, if the price drops below $6,000 USD, there is a very good chance that the investors will simply give up on it and that this can crush Satoshi’s dream for once and for all.
Obviously, Bitcoin has been deemed dead hundreds of times so far, so one should not be too concerned about its existence. While the trust in Bitcoin is facing some tough times, old investors know everything about its resilience, so nobody should expect that Bitcoin will crash suddenly as it has actually survived a huge crash this year and it is still relevant.
What will happen? Only time will tell. Be sure to be well-informed if you want to know what’s happening.