The weekend was pretty uneventful as far as the BTC price is concerned. The largest and most popular cryptocurrency continued to trade in the high-$6,000s and at the time of publishing, is valued at just over $7,000.
As BeInCrypto reported last week, some forecasts suggest that it will only get worse from here temporarily before all-time high sometime in September 2020.hits an
Meanwhile, if you were too busy this weekend to catch up with the latest happenings in the world of cryptocurrencies, here’s a quick recap:
Bitcoin Has Already Bottomed (According to Six On-Chain Metrics)
Blockchain data and intelligence provider Glassnode has been busy reviewing various charts and on-chain metrics as of late to assess the overall market sentiment since Bitcoin’s flash crash on March 12. According to its findings, there are at least six key metrics that seem to have bounced back from a zone that can be classified as a market bottom based on historic precedence.
To put it simply, the Glassnode study states that following a couple of months of being overvalued, Bitcoin has now sunk into the undervalued zone.
Did Satoshi Nakamoto Deliberately Plan Bitcoin Halvings to Coincide With US Presidential Elections?
Some are positing that Satoshi planned to align halving events with the US presidential election years. The more plausible explanation perhaps would be that the ‘coincidence’ was probably born out of causality. Note that Bitcoin was born out of the 2008 financial crisis and was thereafter set to have a halving approximately every four years. It just so happens that political instability and economic crises tend to occur during election seasons and transitions of power.
The answer to that question is, of course, as speculative as it can get considering the elusive Bitcoin creator has been MIA for over a decade now. But it is intriguing and worth mulling over nonetheless.
‘Super-Sovereign’ Currencies Like Bitcoin and Libra Could be the Need of the Hour
OKEx CEO Jay Hao recently stated that the global monetary system is broken and the Federal Reserve’s stimulus efforts to revive the economy against the backdrop of the COVID-19 crisis are futile. Emphasizing that printing more and more fiat won’t magically make production and supply lines resume in a locked-down world, Hao pointed towards an alternative that the crypto evangelists have been proposing for nearly a decade.
He further elaborated that only super-sovereign currencies such as Bitcoin or Facebook’s Libra could potentially pave the way for a more balanced system.
Will Warren Buffett Make a 180-Degree Turn on Bitcoin?
What a difference a month can make. It was just March when the iconic business magnate and investor Warren Buffett went on record saying that he would not be bailing on airlines. Fast forward into April and new reports are coming in now that Buffet has slashed his stakes in Delta and Southwest by roughly 20% and 5%, respectively.
Now, the question is, will he course-correct on Bitcoin as he did with airline stocks? After all, with all of that freed up capital, Buffett could be looking for a place to park it. Although he has been a harsh and vocal critic of digital assets up to this point, it would make sense to opt for Bitcoin now given that unlike the struggling airlines, Bitcoin has been on a tear.
Binance’s CMC Acquisition Spotlights Exchange’s Trading Volume Discrepancy
The recent acquisition of CoinMarketCap by Binance shocked many in the cryptocurrency industry. Many saw it as a clear conflict of interest — could a cryptocurrency data website stay objective when owned by an exchange?
At the time of publishing, CoinMarketCap is claiming that Binance’s real 24H trading volume is around $1.3 billion. However, the exchange claims that it has close to $4 billion.
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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
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