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Tuesday, November 30, 2021

“Thanksgiving Crash” To Have No Impact on Bitcoin Price, as Bloomberg Notices 5 Bullish Trends

Bitcoin has gone on a spree now, as they have been converting even their most hardcore critics to admit that their bull run is without an equal. Even critics like Bloomberg, one of the giants of mainstream finance, have been forced to agree that this bull run has no relative equal to 2017 one. An article, published on the 27th of November by this pessimistic finance company presented quite a wide range of Bitcoin metrics. All these were pointed towards the cryptocurrency having quite a bullish future- even though Thursday saw a price rout of around $3000. 

Bloomberg: Bitcoin market “far more liquid”

The publication announced that there was evidence of Bitcoin futures generating record-high open interest. The evidence also had inputs of non-zero wallet numbers, along with a complete scarcity of correlation between the other macro assets and Bitcoin. The article stated that one simply had to observe the growing embrace of Wall Street along with market technicals- so that they could get into the biggest digital currency in the world. They further mentioned that while the trading of cryptocurrency could be pretty rough at times, the digital coin worth $315 billion was way more liquid and much deeper than its boom back in 2017. 

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Bloomberg didn’t miss out on referencing crypto diehards, who completely negate the idea that current Bitcoin prices are just a facade. One such crypto diehard is Mati Greenspan of Cointelegraph. He believes that the entire situation is completely different now. He stated that when Bitcoin was previously this high, situations were collapsing around them. But now, the network had massive improvements in place. 

Antoni Trenchev, the CEO of NEXO, had another interview with Bloomberg where he spoke about how Bitcoin might be hitting a record high. He added that the narrative of digital gold was much stronger than before. And all it needed was Bitcoin capturing even 10% of the gold market cap, something that would put the digital currency at $50,000 easily. 

BTC macro performance smothers gold

What was surprising in the entire article was the complete absence of Bitcoin criticism. This has led many analysts to believe that Bitcoin was slowly being thought of as a genuine asset- whether the interest in its investment was coming from institutional or retail circles. One of the reasons why Bitcoin is heralded as the future is because of the growth spurt. This can be put in contrast with the March crash, following which it kept outperforming other assets. 

Bitcoin
Bitcoin
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Interestingly, even after a $17,000 retreat, Bitcoin’s year-to-date returns stood at around 135%, while the S&P 500 of 12%- as Skew confirmed in its data. 

It has also been reported that gold might just rebound even next year, with a tilt towards $2000.

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