According to a report published by Thomson Reuters, the cryptocurrency market has lost over 73 billion dollars in the last 12 months. This number is in stark contrast to the staggering 1,824 billion dollars that was generated in the previous year, making current investors more than a little nervous. Even proponents of the cryptocurrency industry are finding it hard to remain optimistic, with former CEO of Skype, Niklas Zennström, warning that the crypto bubble will soon burst.
The bitcoin price has experienced tremendous volatility over the last few weeks, rising to a new all-time high of $18,000 on December 16, 2017, and crashing to a price of $11,000 over the next few days. The cryptocurrency market has been experiencing a rout since the beginning of the year, with the bitcoin price down more than 50 percent from its all-time high. In light of bitcoin’s incredible growth over the last few months, and the occurrence of an 80 percent drop in value in the cryptocurrency market, many media outlets have begun asking if the bitcoin bubble has finally burst.
At first, it seemed like the entire world was falling in love with Bitcoin. Even the biggest critics of the cryptocurrency started to warm up to its revolutionary potential. In the years that followed, Bitcoin’s price steadily rose, from a few hundred dollars to a few thousand. It eventually crossed the $10,000 mark in early 2018, and its value continued to grow.</pThe digital currency markets have lost billions in value over the past week, and during this carnage, bitcoin haters have come out in droves. According to many cryptoskeptics, bitcoin has already died 21 times this year, and this week’s drop is sure to be a new anthem.
Bitcoin haters are starting to troll supporters of the crypto-currency
The 14th. On April 20, 2021, the price of bitcoin (BTC) reached an all-time high of $64,895 per unit, only to fall back to a low of $30,066 just over a month later on May 19. That’s 53% below the peak. Tesla – Elon Musk (@elonmusk) May 19, 2021 BTC has recouped some of Wednesday morning’s losses, but is still far from yesterday’s highs. Such market trauma causes many bitcoin opponents to speak out, as many find it necessary to explain to the public that cryptocurrencies are nothing more than a speculative tulip. On Wednesday, bitcoin hater Nouriel Roubini tweeted about BTC after prices hit a new low in 2021. Bitcoin has fallen by more than 40 percent from its peak in less than a month. What institutional investors are reckless enough to invest in such a risky and volatile pseudo-instrument with no intrinsic value? They should be fired on the spot for taking such a reckless speculative gamble, the skeptic added. Goldsmith and economist Peter Schiff believe this is a true bitcoin bear market. The most bearish aspect of the bitcoin bear market is that it has been slow and steady, at least by bitcoin standards, Schiff noted in his tweet Wednesday. So far, there hasn’t been a single collapse that indicates surrender. On the contrary, bitcoin followers are undeterred, their faith is unshakeable and they confidently buy every drop. Meanwhile, the crowd of BTC supporters seems unimpressed, many believing the bad times will soon be over. For those of you not familiar with cryptocurrencies, let me introduce you to our old friend Honey Badger. Badger doesn’t care, Watchdog Capital’s Bruce Fenton said Wednesday. Don’t worry, stressed the host of the YouTube show Colin Talks Crypto. The race to the top continues. Yesterday I sold a small amount of BTC and ETH. I will buy even lower, the Youtuber added on Wednesday.
2021 Viewed via 21obituary bitcoins
All-time highs (ATH) have been reached for a number of crypto assets in 2021, with BTC doubling from its previous ATH in 2017. However, in 2021, several statistical obituaries appeared on bitcoin, with the 99bitcoins.com web portal registering about 21 deaths. So now that #Bitcoin is dead again, what are you all doing? – Ben Kaufman (@_benkaufman) May 19, 2021 Recently, on 18. In May 2021, BTC published an obituary of Tim Mullaney from The Independent. A death sentence titled The Hard Truth About Cryptocurrencies explains why Mullaney really thinks BTC is nothing. The Independent’s writer adds: And that’s why the world’s most traded cryptocurrency has almost no value….. I don’t even want to hear the argument that bitcoin is a currency, a store of value or a hedge against inflation. Price volatility belies all these perceptions, as does the influence of bitcoin’s supporters, none of whom will soon be running the Federal Reserve. Mullaney points out in his statement that bitcoin is not a revolution until someone tells him what a revolutionary technology does in the real world. The author concludes that entertaining Elon doesn’t count. For a crypto-currency, that’s not much. In addition to Mullaney’s editorial, there are 20 other obituaries that indicate bitcoin is in its coffin as this article is being written. At the time of publication, 11:30 a.m. (EST) on Wednesday, bitcoin (BTC) traded at $36,979 per unit. What do you think of the recent bitcoin bearishness and the 21 bitcoin obituaries posted on the 99bitcoins site? Let us know what you think in the comments below.
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99bitcoins, bear market, bitcoin, bitcoin (BTC), bitcoin bears, bitcoin bulls, bitcoin death, bitcoin eulogy, bitcoin obituaries, bitcoin price, Bruce Fenton, BTC death, Colin Talk about cryptocurrencies, independent author, market crash, markets, Nouriel Roubini, Peter Schiff, prices, Tim Mullaney Photo credit: Shutterstock, Pixabay, Wiki Commons, Bitcoinwisdom.io, Twitter, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.It’s the dream of every crypto investor out there to buy Bitcoin when it’s low and sell it when it’s high. Unfortunately, the crypto market is a cruel mistress and Bitcoin, the world’s #1 cryptocurrency, is no exception. Whether you’re new to the crypto market or a veteran Bitcoin investor, you know that the crypto market has its ups and downs.. Read more about is crypto dying 2021 and let us know what you think.It’s the dream of every crypto investor out there to buy Bitcoin when it’s low and sell it when it’s high. Unfortunately, the crypto market is a cruel mistress and Bitcoin, the world’s #1 cryptocurrency, is no exception. Whether you’re new to the crypto market or a veteran Bitcoin investor, you know that the crypto market has its ups and downs.. Read more about is crypto dying 2021 and let us know what you think.
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