Bitcoin continues to frown in the face of the cryptocurrency crash and the reselling craze that is gripping its holders. However, it would seem that we no longer believe in the death of the first cryptocurrency.
A public very worried about the first cryptocurrency
The past few days have not been easy for Bitcoin’s price. The little orange piece has been the victim of a wave of mass sales over the past weekend, completing the last hopes of the most passionate. Since last fall, the token has lost over 65% of its value. There is now nothing left of the record $69,000 and the crypto sphere is still preparing for the worst.
As Bitcoin continued to hold around $21,000, its value briefly dipped to $17,700 in the past three days. Fortunately, the first cryptocurrency did not wait to resume its current course. This third fall, although very short, will have continued to exacerbate the panic of its holders. Indeed, the search terms “Bitcoin” and “Death” spiked during this period.
According to Google Trends, the number of internet users asking their search engine if Bitcoin was dead for good even broke records over the weekend with a new ATH. It could be that the phenomenon grows over the coming days depending on whether or not the coin rises.
Yet within the crypto sphere, concerns differ
If bitcoin enthusiasts and other curious people come to question Google, it is partly thanks to the media, which constantly relays every flinch on the price of cryptocurrencies. This phenomenon generally leads to panic and liquidation which further weakens the ecosystem.
Within the crypto sphere, very few personalities have conveyed the extinction hypothesis for cryptocurrencies. According to the Bitcoin Oblituaries section of 99 Bitcoins, there are fewer claims predicting the death of Bitcoin than there were last year. Indeed, the site records only 15 sources having conveyed this idea in 2022 against 47 in 2021. This despite the crash of cryptocurrencies and the disappearance of certain major crypto players.
Even more surprisingly, 2017 would have been a record year for predictions with no less than 124 sources recorded. However, it was during this year that the little orange coin exploded and saw its value double in just two months!
So is research a good indicator? Not sure. They reflect, of course, the concerns of the general public without these being shared by the real players in the industry. If Peter Schiff’s statements condemn Bitcoin, crypto bigwigs say otherwise. According to them, Bitcoin will have no trouble surviving the winter.
As for the declines that may occur in the future, they do not speak in any way of a possible disappearance despite the fear aroused by the extinction of the USTerra. Changpeng Zhao, the CEO of Binance, is preparing for the coin to eventually hit $0. However, this remains a mere hypothesis in expectation of the worst. There is therefore no real concern on this side if we are to believe the entrepreneur: the industry has the means to resist and support Bitcoin.
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.