Cryptocurrency
Analyst Explains Why Bitcoin Investors Shouldn’t “Pray for a Recession”
As reported on NewsBTC, “Despite sporting a market cap of over $100 billion, Bitcoin is only 11 years old, having launched in 2009. This means that while the cryptocurrency has been through a lot, it has not yet been through a full-fledged financial recession. “This has left many wondering how the cryptocurrency will fare in such […]
As reported on NewsBTC, “Despite sporting a market cap of over $100 billion, Bitcoin is only 11 years old, having launched in 2009. This means that while the cryptocurrency has been through a lot, it has not yet been through a full-fledged financial recession.
“This has left many wondering how the cryptocurrency will fare in such a macroeconomic environment. Although many lean bullish, arguing that Bitcoin should be unaffected by a downturn in the economy, one prominent trader suggests otherwise, arguing that a recession and subsequent collapse in stock indices, like the S&P 500, may cause BTC to drop.
“Over the past ten years, Bitcoin has been on a jaw-dropping macro bull run. While the cryptocurrency has been subject to some pullbacks here and there — like the 50% decline from 2019’s $14,000 peak to $6,400 — BTC has by and large been in an uptrend for the past decade, rallying from sub-$1 to $8,870, where it sits today…”