Bitcoin leaves the entire cryptocurrency market with blue balls. It offers the ultimate tease which the investors have been waiting for a very long time and then shuts its legs. Recently, a lot of crypto enthusiasts and experts have come to the forefront and speculated that Bitcoin will cross the 10000 dollar mark but in the lights of the recent events, Bitcoin has failed to do so.
Two days ago, Bitcoin rose as high as $9948, and at this point everyone believed it will cross the $10000 mark but Bitcoin’s price drop proved everyone wrong.
Today in the entire day, its price has fallen by more than $300. It started at the price little over $9600 and now is declining at $9320. The percentages do not favor the outcome of a $10000 price breakthrough. It continues to decline at the rate of 2.59% in the last 24 hours. Even in the last one hour, it fails to impress by just a few decimal points as it declines at the rate of 0.04% in the last 1 hour.
Amongst this speculation to enjoy a $10000 breakthrough, a lot of investors were hoping to see what the market experts have predicted but this drop has left them in agony.
Chris Martin tweeted following the price drop:
“Bitcoin is behaving like an overpaid stripper, it’s all hot in the beginning, teases you but stops performing just before you are about to cum.”
Amongst this agony of people, Warren Buffett has added a couple of juvenile statements against Bitcoin in addition to his previous comments:
“The asset itself is creating nothing. When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”
Buffett further added Bitcoin is probably rat poison squared.
In many investors’ opinion, Bitcoin has failed to complete the race just as it was about to cross the line but that does not mean it will continue to fall, it will rise again and meet its fate of crossing $10000 mark.
Even after this, though many keep hopes alive for Bitcoin’s breakthrough and call this a mere speed bump, Nick Colas says that the investors need to be cautious before investing in Bitcoin.
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