Bitcoin Crash sends bears in euphoria
On Saturday, after the days of Bitcoin's relative stability at $ 4,300, a new wave of selling pressure has invested cryptic investors around the world, sending Bitcoin well below its supposed support levels of $ 4,000 and $ 3,800. . The move, which came alongside an influx of trading volume, is apparently unanswered at the beginning.
The capitalization of Bitcoin was reduced to only $ 62 billion, while the overcoins suffered a heavy sell-off, sending the precious resources of this sector out of metaphorical cliffs. Even though the market has seen a respectable recovery, this has not prevented critics from this sector from taking Twitter with joy, arguing that their senseless predictions were right.
You read that title and asked yourself: "if the bears are euphoric, because the Shapeshift CEO is bullish on Bitcoin (BTC)".
Well, in the following tweet published Saturday night, which was brief and to the point – the epitome of a well-made message – Erik Voorhees, the long-time Head of ShapeShift, exclaimed excitedly that the scrambled bears have entered a state of euphoria.
The collapse is simply the stage of euphoria of the bears.
– Erik Voorhees (@ErikVoorhees) November 25, 2018
While some would see this message as a downward statement for Bitcoin's short-term prospects, Voorhees obviously refers to the well-known "Psychology of a market cycle" table that investors in all sectors cite incessantly.
Similarly to how Bitcoin's bulls were in euphoria last December before the collapse, Voorhees evidently believes that now, the bears, those from the other side of the market equation, have entered their euphoric phase , alluding to the fact that an inversion and this nascent market is within our reach.
However, as with any market, it is difficult to predict how long or to what extent a phase will last, naturally leading to speculation on the next Bitcoin fund, both in terms of dollar value and when.
As reported by Ethereum World News earlier, however, the $ 3,000 level is an intentional fund that has been widely cited by leading analysts and commentators in the industry, including Anthony Pompliano, Mati Greenspan, Michael Moro and dozens of others.
Republishing this chart four days ago. However $ 4000 has never been an important level.
The next support area is between $ 3000 and $ 3,500. https://t.co/YvtDePt9dR
– Mati Greenspan (@MatiGreenspan) November 25, 2018
Shapeshift CEO: cryptographic assets are "immensely powerful"
Voorhees' most recent comment arrives a few weeks after the member of the sector talked about the long-term prospects of Bitcoin, a game for many diehard decentralists and libertarians.
Speaking with Naomi Brockwell, an encrypted film / TV producer, Voorhees noted that while the rise of crypto world domination may be inevitable, it needs people, innovators and startups to put elbow grease to make it happen. Keeping this in mind, speaking on a personal level, the Bitcoin pioneer added that he devoted his whole life to building, maintaining and promoting projects in this sector to support the adoption of the crypt.
And so far, some may argue that cryptocurrencies are well on their way to the global scene. As put by Voorhees:
It has certainly arrived at an incredible level [since I started]. Every financial institution in the world is watching it. Every government is a little disturbed and / or a little bit disturbed. nervous about it. Tens of millions of people have used it and most people in the developed world have heard about it at this point. So yes, it has made tremendous progress, but there are still ways to go.
Voorhees' strong comment on the relationship between fiat (currencies issued by the government) and crypto assets comes just a week after Tim Draper, an American entrepreneur, presented a similar statement, referring to the CNBC Africa's Ran NeuNer fiat, which Draper calls "political currency" "I will have no use case in a few years / decades.
Concluding his comments, the ShapeShift chief explained that decentralized technologies and cryptographic resources are "immensely powerful", adding that the advent of Bitcoin is as remarkable as the arrival of Gutenberg Press or the Internet, that the supporter of cryptocurrency evidently sees two revolutionary innovations in the relatively short history of humanity.
In addition, the longtime criptaruta fanatic added that, in general, cryptographic resources are a "huge benefit to humanity" due to the decentralized and efficient nature of some of these systems and networks.
Title Image Courtesy of Andre Francois via Unsplash