Last Thursday, bitcoin rallied to $40,000 per coin, making market sentiment better.
Prior to this weekend, Grayscale CEO Barry Silbert expressed his thoughts on Bitcoin via Twitter, hoping that Bitcoin would take a break this double-dip, but it didn’t work out as hoped, as Bitcoin failed to hold onto $40,000 per coin this weekend, continuing to hover around $35,000 per coin and receiving some bad news.
And this was early on.
Some traders were expecting new volatility over the long U.S. holiday weekend after bitcoin had fallen nearly 9% back on Friday. In fact, at one point, bitcoin’s cumulative decline since May was 35%, the worst month since November 2018.
Jiang Zhuoer, founder of Lepit Mining Pool (B.TOP), released an article in the early morning hours, “We are in a round of atypical bull market,” which pointed out that in the past, a halving would be followed by a raging bull market, but this rule no longer applies to the current atypical bull market, and there will be great uncertainty in the aftermath. Although the long bull will not change, it is also possible that what awaits us next will be a crash similar to 312, or a short out of a double top in the Bears.
This comes after President Joe Biden launched a $60,000 budget last Friday, which clearly makes U.S. federal spending the highest sustained level since World War II, meaning the deficit will exceed $1.3 trillion over the next 10 years, but failed to stimulate bitcoin. The upside of Biden’s budget stimulus also failed to work.
Admittedly, institutions are still accumulating bitcoin, and Santiment tweeted that bitcoin mega-whale holdings have accumulated about 30,000 bitcoins in the past week, but there is no way to know exactly how much bitcoin the mega-whales or institutions have sold above $50,000 per coin.
Overseas market sentiment has cooled dramatically, optimism has been altered, and doubts about the “bitcoin supercycle” are beginning to pervade – especially the bad news.
Senator Rick Scott sent a letter to U.S. Treasury Secretary Yellen last Thursday expressing concern about the growing number of scams involving cryptocurrencies, “I write today with concern about the risks taken by ordinary investors and the enormous potential for cryptocurrency-related scams… …Over the past few weeks, the value of cryptocurrencies has plummeted while reports of scams and frauds have skyrocketed.”
Noting that cryptocurrency scams have increased by 1,000 percent in the past year, costing consumers more than $80 million, with the median consumer losing $1,000 in scams, Scott called on Yellen to take action against cryptocurrency scams – an asset that Yellen herself has spoken out against Bitcoin, which Yellen dislikes.
It’s worth noting that the market was already seeing talk that ethereum would overtake bitcoin ahead of the current drop, and those holding that view were growing in strength this past weekend. According to the latest data from CoinDesk Research, spot trading volume in ethereum was higher than bitcoin for the third day in a row on Thursday. BTC’s $40 million in trading volume on Thursday was 8% lower than ethereum’s $44 million in trading volume.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/over-the-weekend-bitcoin-failed-to-rest-as-much-as-one-would-like/
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