Bitcoin’s price action over the years has resembled nothing less than a head-shaking rollercoaster ride.
The cryptocurrency sector has been mostly driven by volatility, from the bull run of 2017 to the big crash of 2020 and the present market crisis.
Bitcoin initiated the cryptocurrency revolution over 10 years ago, setting the stage for digital assets and generating considerable attention among global investors.
The unpredictability of digital assets, however, has made investors wary of the asset class and its price forecasts.
Suggested Reading | Shiba Inu Founder Disappears From Social Media – Gone ‘Without Notice’
Despite its ups and downs and the odd fear caused by an unanticipated price crash, the digital currency market has demonstrated remarkable resilience, and investors are returning to Bitcoin and other big cryptocurrencies such as Cardano and Ethereum.
The volatility is nothing new, Michael Sonnenshein, CEO of Grayscale, told Yahoo Finance last week on the sidelines of the World Economic Forum.
Bitcoin has outpaced the majority of the cryptocurrency market, according to a report issued by Arcane Research on Tuesday. Bitcoin’s price has declined by more than 15 percent since its latest valuation on May 1.
“According to investor feedback, the recent stock market selloff has not deterred investors,” Sonnenshein stated.
Grayscale CEO Michael Sonnenshein is unfazed by the recent selloff. (Crypto News)
The CEO, whose crypto-focused investment trust has witnessed its assets diminish by more than 50 percent since the start of 2022, has this to say about the recent pullback.
“If anything, they’re looking at it opportunistically.”
Grayscale is one of the top crypto players and manages more than $25 billion in assets.
In a recent interview, Sonnenshein also stressed Bitcoin’s ability to recover:
“I believe we [crypto] will regain our footing in the near future.”
Suggested Reading | Tron Accelerates To 3rd Spot As Biggest Blockchain In Terms Of TVL
Currently selling above $31,500 per coin as of midday on Wednesday, Bitcoin has had a 9.24 percent increase over the past five days.
Crypto total market cap at $1.28 trillion on the daily chart | Source: TradingView.com
In recent weeks, investors’ preference for Bitcoin has also increased significantly. From May 10-31, the market capitalization of this asset class increased by about 6 percent — a strong indication of investors’ faith in the sector.
Sonnenswein stated that cryptocurrency devaluations are nothing new. Moreover, he noted that investors are undaunted by the decline and saw it as a buying opportunity based on their charts.
Based on analysis by Coin Price Forecast, the predicted Bitcoin price at the end of the current year is $49,065, representing an increase of 5% year-over-year.
CPF sees Bitcoin hitting a value of around $53,165 in the first six months of 2023 and $65,125 by the end of that year.
In April, the Finder panel forecasted that Bitcoin’s price will reach $65,185 by the end of 2022, which is 15% less compared to the previous prediction of $76,350 set in January prior to the latest selloff.
Featured image from Freepik, chart from TradingView.com
Originating as an extension of Nexon's iconic MapleStory IP, which gained global popularity since its inception in 2003, MapleStory M transitioned to mobile in October 2016, laying the groundwork for global expansion in July 2018.
Brian45-year-old Mr. Hsu led a fraudulent pyramid scheme exploiting the elderly, establishing a fake investment platform and app named "DuoDuo Blind Boxes." They conducted investment seminars across Taiwan, enticing people to join by promising a 3% profit on reselling these blind boxes, pressuring them to become members and purchase USDT for deposit.
JoyVeChain's unexpected rise in December 2023 sparks investor interest, despite previous stagnation.
AlexThe Frame mainnet and the accompanying tokens are set to launch simultaneously on January 31, 2024.
Brianthe OKX Wallet app's recent vulnerability necessitates an immediate update by its iOS users. Despite the rapid response and fix by OKX, the incident underscores the ongoing vigilance needed in digital asset security.
KikyoOKX, with CertiK, discloses iOS wallet flaw, urging updates; amid debates, users face risks as both navigate crypto challenges.
Hui XinHong Kong-based digital asset group HashKey's Singapore subsidiary, HashKey Capital Singapore, has secured a significant regulatory milestone, obtaining a full Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). This licence empowers the firm to deliver regulated fund management services primarily concerning capital markets products within Singapore.
Joy铭文代币是通过在标准区块链交易中嵌入文本，利用链下编号系统进行跟踪而创建的。最初是作为在比特币网络上缺乏本地代币支持的解决方案而出现的，由于其相对于本地代币的经济性，它们在各种区块链中得到了应用。
BrianThe Bank of Korea Governor warns of the impact of stablecoins like USDT and USDC on central banks, highlighting the need for CBDCs and the challenges ahead.
AlexEmbarking on a technological odyssey, Huawei collaborates with Thailand's MDES, shaping an AI-driven future and propelling the nation into the digital forefront.
Hui Xin