Hold Your Horses, Bitcoin Isn’t Crashing Forever
In the last 24 hours, Bitcoin prices have tanked. It is back to just below the $50,000 mark and trading at around $47000. However, it is very much likely that by the end of the week it crosses the $50,000 threshold again.
However, the panic rush in the market is ill-founded. It won’t be surprising at all you hear conventional finance pundits once again echoing the same old rhetorical obsolete rants like the Bitcoin bubble is now about to burst.
Yes, Bitcoin prices have plummeted, but on a serious note, is Bitcoin itself crashing? The answer is an absolute big NO.
Prices shooting up and coming down is nothing new in the cryptocurrency market. For Bitcoin kissing the highs and then rebalancing itself has been almost a quarterly affair. Those who have been observing the market, know that this is nothing but a price drop due to the liquidity crisis created in the market.
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The fact that big institutional investors started pumping their funds in Bitcoins after the leading altcoin was openly endorsed by tech giants like Elon Musk and Jack Dorsey led to a quick push in the price. The drop in price is just a hiccup. Bitcoin is not crashing, it is not on a downward spree, it is just temporary volatility. The current bullish market is not evaporating. It is there to stay.
Apart from the top tech celebrity endorsements and the US corporate world betting on altcoins, there are several other solid indicators to confirm the relative stability and scalability of the cryptocurrency market.
Bitcoin is still amongst the top ten assets after Gold Silver and stocks of a few top companies like Apple and Microsoft. By market cap Bitcoin alone is bigger than the Swiss economy.
Coinbase Is Already Bigger Than Nasdaq
Just take a look at the recent valuation reports of Coinbase, the popular cryptocurrency exchange. With a valuation of over $100 billion, Coinbase is around five times bigger than Nasdaq. These figures are just pointers to a bigger change that is awaiting the financial market. Decentralized money and altcoins are the future of value storage.
Bitcoin prices have slipped as suddenly a host of institutional investors poured their funds into the market leading to a liquidity crisis. It is not a crash. It is nothing new and we have seen such price fluctuations a number of times.
The good news is every time there’s a price drop, Bitcoin comes back stronger. Currently, it is not a correction. Bitcoins are not overly heavily priced. Yes, the spike was triggered by institutional investors but in all probabilities, Bitcoin should rally around $52,000 to $55,000 in the coming days or weeks, though there is still a possibility that it will dip further to the $38,000 — $42,000.
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