Bitcoin Will Drop Another 70% To $8K? CRYPTO NEWS

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2022-08-18 20:27:43

Market situation

Yesterday, despite many bad news for the market, US stocks still gained slightly in all three indexes at the end of the session. However, stock futures show a downtrend. Gold and oil were almost flat, unchanged.

Bitcoin fell slightly to around $29,000 in the past day. Altcoins also fell.

There was a time when the BTC price dropped rapidly to $28,000 then rebounded, causing nearly $27 million of long orders to be liquidated within an hour.

The percentage of BTC profitable also dropped to a low of about 54%.

The amount of BTC withdrawn and deposited is very low in recent days.

The number of wallets storing BTC for more than 1 year remains high. Investors holding BTC for more than a year continue to hold.

Some tech companies that thrived during the Covid pandemic are now taking steps to cut costs as investors dislike the sector. Klarna plans to lay off about 10% of its global workforce. The company is the latest big tech name to announce job cuts.

Or Snap company warned investors on Monday that it will not meet its own targets for revenue and adjusted earnings in the current quarter. Snap stock has fallen 40% in the past day, putting the company on its worst-ever intraday rally. At the same time, it also dragged the shares of other digital advertising and social media companies down. While Snap has no plans to cut staff, it has slowed down hiring.

Next, it is information that Starbucks will withdraw from the Russian market after 15 years of operation. Starbucks has 130 locations in the country, accounting for less than 1% of the company’s annual revenue, so the withdrawal is not expected to affect business much. To date, companies such as McDonald’s, Exxon Mobil and British American Tobacco have also withdrawn completely from the country. It can be seen that the war between Russia and Ukraine will continue.

Bitcoin will fall to 8000 USD?

In an interview at Blockchain Central Davos 2022 conference, Guggenheim Chief Investment Officer Scott Minerd predicted Bitcoin could fall further and drop to $8,000 from current levels. That would represent a more than 70% drop from BTC’s price of just over $30,000.

He thinks that the price of BTC could fall further due to high inflation and the Fed raising interest rates and tightening monetary policy. Mr. Minerd compared the current situation to the dotcom bubble of the early 2000s. However, many of Scott Minerd’s short-term market predictions were inaccurate and many people did not trust his predictions. Others trust the reputation of Scott Minerd.

At the same time, he also said that most cryptocurrencies are “junk” but bitcoin and ethereum will survive. Benjamin Cowen also shares a similar view with Mr. Minerd, arguing that BTC and ETH will hold up and other altcoins can change a lot in the order of capitalization. Now, Benjamin Cowen also thinks that people will have a low risk tolerance and want to be safer and focus on BTC.

Bitcoin is different from technology companies because of the community behind it, the safety of the mining system, transparency, etc. Although the technology is simpler than other coins that came later with more complex technology, the The stability and safety of BTC creates sustainability.

A pretty good share when many investors fear a drop in BTC. This share statistics the biggest price drops of BTC especially after each halving.

The chart above shows that the BTC market has grown stronger and stronger. At the same time, the rate of BTC bottoming is decreasing. This is understandable when the market capitalization is getting bigger and the market is getting more mature.

Update on LUNA

After community pressure on the idea of ​​burning LUNA to have a good impact on the price, Do Kwon also publicly burned his wallet and burned part of his LUNA. However, he also tweeted that this also does not help the price of LUNA and does not appear to be in favor of burning copper.

An information shared on Twitter said that the Korean government had locked the account of the Luna Foundation. However, this information has not been verified for accuracy.

Regarding LUNA’s 1623 proposal to split LUNA into Luna Classic and LUNA, there was an update on Do Kwon’s proposal during the voting process. But there is no re-voting from the beginning it continues to take place.

Besides, the name of the separation of the two LUNA coins is not similar in the names of the Luna Foundation and Do Kwon. The Luna Foundation doesn’t like to call the split of the two coins a “fork” chain split, but Do Kwon still uses the word “fork” when talking about his proposal being voted on.

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