After the news that the world’s second-largest cryptocurrency exchange, FTX, had failed and filed for bankruptcy, the prices of several cryptocurrencies, including Bitcoin and Ether, dropped on the price chart yesterday. However, these cryptocurrencies have ignited a fresh bullish rally this morning despite having witnessed extreme selling pressure due to panic among investors.
Michael Van De Poppe, a well-known cryptocurrency expert, recently released a video on YouTube in which he discussed when investors might expect the bottom in market prices. Van de Poppe began by stating that it is difficult, if not impossible, to imagine a situation in which inflation would increase rather than decrease.
The expert pointed out that it is becoming more difficult for families to purchase the same kinds of meals and drinks that they used to be able to afford. Both salaries and purchasing power are seeing a downward trend as a result of the current economic climate.
In addition, he noted that the potential of Bitcoin’s price dropping to $10,000 is contingent on how the scenario is going to evolve and advance in the future. Poppe further emphasized that rather than shorting BTC, it is preferable to invest using dollar cost averaging and to do so.
Bitcoin (BTC) and Ether (ETH) are presently trading at $16,643 and $1,236 respectively, representing a decline in value of 1.1 and 1.6% respectively over the course of the last 24 hours.
The total value of the global cryptocurrency market cap has gone in the other direction since it just hit $1.1 trillion. The last time the market value was lower than $900 billion was in January of 2021, thus this is a new record for 2021. It has decreased by 1.8% in the last twenty-four hours, bringing the total to $832 billion at the time of writing.
