The BBC printed an article titled, ‘Bitcoin worth drops by 50% since November peak,’ on Could 10. It gave a balanced account of the present state of affairs. The important thing takeaway was a powerful optimistic correlation with shares, which additionally sank.
Nonetheless, evaluation of the feedback part confirmed most readers have a powerful aversion to Bitcoin. Probably the most upvoted remark acknowledged BTC isn’t an funding; as a substitute, it’s ‘pure hypothesis,’ and harms the surroundings.
“Bitcoin isn’t an funding, it’s pure hypothesis, and it’s terrible for the surroundings attributable to the way it’s “mined”. To not point out its contribution in direction of the worldwide scarcity of GPUs.”
Bitcoin bounce on $30,000 assist
Bitcoin bears dominated on Monday, triggering a 12% swing to the draw back earlier than bouncing off assist at $30,000. In the present day, the bulls are preventing again, having pushed the worth as much as $32,600.
Monday’s sell-off was the newest in a broader seven-month downtrend from early November 2021’s all-time excessive of $69,000. The chart beneath exhibits there have been the preliminary options of a return to kind. However, any trace of that has vanished following an acceleration of the downtrend from April onwards.
Behind this can be a world financial tightening led by central banks, inflicting buyers to flee from risk-on property, together with Bitcoin. Joe DiPasquale, the CEO of cryptocurrency hedge fund BitBull Capital mentioned:
“The financial coverage tightening is inflicting buyers to scale back their publicity to threat property and BTC’s present correlation to the S&P 500 has led it to additionally drop right this moment,”
Because the macroeconomic surroundings worsens, the expectation is that central banks will proceed with hawkish insurance policies, spelling additional bother for the worth of cryptocurrencies.
Naysayers out in power
Following the BBC’s report on Bitcoin’s worth collapse, commenters didn’t maintain again in voicing their opinions on the main cryptocurrency.
As decided by the ratio of upvotes to downvotes, the most well-liked feedback confirmed a strong anti-Bitcoin sentiment among the many BBC’s readership.
Constant themes embrace Bitcoin being speculative, destructive environmental affect, discuss of it being a get-rich-quick rip-off, and its affiliation with criminality.
“OH NO! My energy-based pyramid scheme :'(“
Primarily based on this, it’s clear that unusual on a regular basis folks have but to be satisfied of the deserves of holding Bitcoin. Nonetheless, it stays the case that cryptocurrency and blockchain will not be going away quickly.