Bitcoin [BTC] investors caught up in stress need to look at this metric
The crypto bloodbath has wiped away billions of dollars from the global crypto market in the past month. The failure of crypto institutions has led to liquidity across major cryptocurrencies leading to price drops. This is evidently one of the more uncertain times in crypto history.
At the heart of it lies the king coin, Bitcoin. At press time, the flagship coin was sitting below a historic support line of $20,000 and was struggling to make a sustained bullish run. It was down by 8.25% by the day and a further 32.5% in the past week.
The overall Bitcoin domination of the crypto market has also dropped to a meager 43%. The state of Bitcoin has also vastly affected the entire sentiment around the crypto market.
Never mind the faltering state of Bitcoin, there are a few prominent figures who still believe a rally is on the cards. Galaxy Digital CEO Mike Novogratz has given a very optimistic message to the entire crypto community. He believes that the current market conditions are holding back Bitcoin, but it will recover eventually.
“I 100% think there are people on the sidelines waiting to build, but I think the first buyers actually from the traditional sense are going to be big global macro hedge funds. The moment the Fed flinches, I think you’ll see lots of traditional macro funds, who’ve had a great year, buy Bitcoin. We’ll add to our position at that point.”
On the other hand, in an interview with Bloomberg, Nexo’s co-founder Antoni Trenchev repeated his “$100k” stance on Bitcoin. He used the instance from 2020 when Bitcoin faced severe bearish winds but managed to recover in a rampant bullish streak.
“The last time we had this type of volatility in Bitcoin and it lost like 50% intraday, it was in March 2020. Out of those
Read more on ambcrypto.com
