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digital currencies. Bitcoin, which is a huge disappointment

digital currencies.  Bitcoin, which is a huge disappointment
  • Bitcoin and Ethereum prices are at their lowest this year
  • There are no takers to “catch the falling knife” in the cryptocurrency market
  • Elon Musk doesn’t help – Dogecoin gets cheaper too
  • If you are afraid, then for miners – superstitious investors think about the cause of the Bitcoin crisis … Mercury retrograde

Bitcoin prices last weekend fell below $26,000 at times, which has not been monitored since December 2020. At the same time, the value of Ethereum, the second largest cryptocurrency by capitalization, fell to just $1,785, thus recovering until November. 2021.

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The forecasts of analysts who announced a few months ago that prices would increase in the cryptocurrency market in the face of accelerating inflation and devaluation of fiat currencies turned out to be completely wrong. Bitcoin is trading at 60%. Below exchange rate records from the fall of 2021, the vast majority of other “coins” are also subject to a steeper discount.

Cryptocurrencies are not an antidote to the stock market slump that has taken over Wall Street. Quite the opposite – virtual currencies remain closely correlated with the S&P 500 index and more recently also with the Nasdaq Composite. Track the declines of Bitcoin the cheapest stocks. Counting from January’s highs, the S&P500 is down about 20 percent, and the Nasdaq is down more than 25 percent.

Coins fell as did stocks after they found US inflation in April at 8.3% in April, higher than economists polled by Dow Jones had expected. The cryptocurrency market has come under pressure from the Federal Reserve, which has been raising interest rates for some time. Because of this, stocks are cheaper and cryptocurrencies are following suit. Overall, it’s causing a lot of fear among investors, said Michael Renko of AscendEx.

After six weeks of continuous declines, some analysts say bitcoin should stay in the $20,000-28,000 range. One of those who believe that the downtrend will not end at $30,000 is a cryptocurrency analyst on Twitter with the pseudonym Kalio. As early as late April, when Bitcoin was still trading above $40K, Kallio predicted that the bears would push the price to $28K.

As Peter Brandt, a veteran of investment markets with many years of experience, mentions, the expected decline. In his opinion, around $27,000 might be where the decline might stop.

Popular crypto analyst Nicholas Merten (presented by Interia on May 5) turned out to be very optimistic that the bottom of the Bitcoin chart could be at the $30,000 level. At the same time, Merten reassured investors that a drop in the price of bitcoin to $10,000 or $20,000 is now “absolutely out of the question.”

Read also: Bitcoin and cryptocurrency market crash. Life’s tragedies and online mockery

However, it is possible that Viaa Ayvara, head of the Luno crypto exchange (presented at Interia on May 10), that Bitcoin could deepen the decline even to around $25,000 will be correct. Cryptocurrency veteran Tone Vays, who believes that Bitcoin looks “extremely awful” at the moment and will frustrate investors for the next six months.

“When something falls too fast, I don’t go pick up the falling knife.” It may be several long months before the bear market is finally defeated. I do not rule out the situation that this cycle will be bottomed out in November and only then will I decide to buy bitcoin Vays announces.

He adds that if the cryptocurrency drops to the $25-23K region before November, it will not be the last sign of a bear market. Then it will lower its Bitcoin forecast to $20,000.

In recent weeks, a massive price drop has occurred through the dogecoin “meme,” which was created in 2013 and was supposed to be just a parody of bitcoin. Cryptocurrency was a successful investment in the early months of 2021. Elon Musk played a huge role in promoting the dog.

However, the entire project has no solid foundations. Dogecoin is based on a somewhat outdated network architecture and would not have been successful were it not for the pleasant feedback from the lovable billionaire eccentric on Twitter.

The pinnacle of Elon Musk’s involvement in the spontaneous promotion of “Doge” was his appearance last year on the popular satirical TV show “Saturday Night Live”, and then he called himself “The Godfather” in reference to the famous character “The Godfather” created by Mario Puzo. Immortalized in movies, Francis Ford Coppola’s Dogecoin peaked in May 2021, but has since fallen by 90% of its value, and today a “single coin” costs just 9 cents.

The cryptocurrency crisis is so great that investors influenced by astrologers are beginning to tell the story that it all falls to the… Mercury retrograde. It is about the unusual position of this planet in relation to the Earth. Regression is a retrograde movement, but of an apparent nature, in other words – the illusion that the planet is moving in the opposite direction than usual. Some attribute this to a negative impact on people’s lives and see it as a cause of commercial and financial complications.

Mercury’s second retrograde this year began on May 10 and will last until June 2. Superstitious people believe that it is worth refraining from making important decisions during the cycle. People who monitor the markets and the movements of celestial bodies say that history is repeating itself, because in early 2022, Bitcoin began to undergo very significant changes the day before retrograde Mercury.

Jacek Brzeski

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