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When the price of BTC touched $ 35,000 the sentiments in the social media sites pointed to how more than $ 1.5 billion of trading positions were wiped off.
Media laments that the current Bitcoin trend resembling a Pikachu Pattern.
For clarity, Pikachu is a species of Pokémon, fictional creatures that appear in an assortment of media of the Pokémon franchise by The Pokémon Company. Pikachu is a yellow mouse-like Pokémon with powerful electrical abilities.
The dramatic fall of the BTC price has led to the outbreak of memes.
And famed critics like Peter Schiff tried to reinstate the downfall of Bitcoin.
Peter Schiff expressed: “First CNBC convinced its viewers to buy Bitcoin at prices as high as $69k. Now that it’s crashed below $34K CNBC is spinning the collapse as good news, a health shakeout. I agree the crash is good news, but not for Bitcoin, but for all the people it convinces not to buy any!”
Schiff also tried to correlate BTC with 17,000 worthless altcoins by stating, “Since many traders now correctly view Bitcoin as a risk asset and not digital gold, they incorrectly think it’s correlated to other risk assets, like tech stocks. The only other risk assets to which Bitcoin will ultimately prove to be correlated are 17,000 worthless altcoins!”
There was unusually strong sale of Bitcoin on Sunday January 23, 2022. It just looks like Bitcoin is on its worse track over the past 8 months. Several margin calls have been dissolved due to Bitcoin liquidations.
The past week recorded 19% decline and it is the worse weekly performance of crypto currencies ever since May 2021. The crash is happening due to several reasons that have been influencing the space over a long time like China’s complete ban of Bitcoin mining and sorts, tweets from Elon Musk about BTC Vs. Doge Coin.
Elon Musk Previously Stated, “The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin is transactions per day has much higher potential than Bitcoin.”
It just looks like by stating that Tesla would accept Doge Coin, Elon Triggered the BTC Vs. Doge war again. Thus, making one feel Doge is a better currency in terms of usability than BTC.
The Bitcoin Crash is emotionally charging and it left several investors shocked. However, despite all these trends Nayib Bukele Stacked BTC over gain.
While some investors are happy about buying the dip, it just looks like the dip is not stopping at the now low – and it looks like it will dip further down.
