below is a example of the endless promotion to real in the suckers. within the next 3 years bitcoin will be under 500 if it exists at all
- After starting off the week with a sudden crash that saw it record its sharpest-ever gross drop in a few hours, Bitcoin has regained the $50,000 level.
- This comes on the back of Square Inc. tripling down on its Bitcoin stash, NYAG and Tether settling their legal battle and high activity of whales on Coinbase.
Bitcoin started off this week with a flash crash that sent shockwaves across the market. The top cryptocurrency had recorded a new all-time high at $58,419 on February 21 and looked set to hit the $60,000 mark for the first time. It then crashed following record inflows into exchanges, losing 21% in hours. However, Bitcoin has recovered and reclaimed $50,000.
Bitcoin dipped just below $46,000 for the first time since February 11. As CNF reported, BTC whales were behind the dip, with a sizeable number disposing of their BTC holdings. On-chain analytics firm Santiment revealed that BTC whales with at least 1,000 BTC had dropped by 1.9%. Additionally, BTC inflow into exchanges had spiked eleven-fold. The selling pressure weighed on the flagship cryptocurrency, and it inevitably dipped. The sudden dip had led to speculation that institutions were, at last, getting into the profit-taking mode. These investors, which include some of the largest Wall Street firms, have been key players in the BTC rise. With hundreds of millions of dollars coming into the market, demand has been extremely high, boosting the price. Square Inc., the payments processor led by Bitcoin bull Jack Dorsey, proved that institutions are still all in with its latest BTC purchase. The company revealed that it had taken advantage of the slight price dip to build upon an earlier purchase. In a press release, the company stated, “Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.” Nick Note: As far as i am concerned Bitcoin is computer based tin fish for a another poing in time. Its amazing how the stupidity stays the same through the ages…. Below is James Grant… quite a contrast from the bloggers….