The last 48 hours have been extremely chaotic for Bitcoin. After climbing to a high of $ 58,354 on February 21. The world’s largest cryptocurrency fell to $ 44,900. In this sense, the price of Bitcoin had a correction below USD 50,000.
At the time of writing, Bitcoin is valued at $ 45,700. With its market capitalization dropping below the $ 1 trillion mark as well after breaking past its immediate support level. This is recorded by our internal tool, Crypto Online.
However, analysts qualify this decline as a correction after the uptrend seen last week. Emphasizing that it is precisely the people and investors who see an opportunity that possibly generate an increase in the short term in the price of the digital currency.
As often happens in these cases, the fall of Bitcoin also generated a domino effect among the main altcoins of the ecosystem. Which for this February 23 also capitalize quite pronounced falls compared to what has been seen in the last 24 hours.
Among these cases, currencies such as Ethereum (ETH), Ripple’s XRP, Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Stellar (XLM), Uniswap (UNI), Dogecoin (DOGE), AAVE, Monero stand out. (XMR), Huobi Token (HT) and many others, which fell on February 23 with losses between 10% and 20%.
One Billion People Will Save Their Lifetime Bitcoin Savings By 2026 On Their Phone, Says MicroStrategy CEO
Bitcoin will be the savings method of choice for 1 billion people on their cellphones by 2026, predicts MicroStrategy CEO Michael Saylor.
In a interview With CNBC on February 23, Saylor, whose company owns more than 70,000 BTC, continued his public defense of Bitcoin, calling it “the dominant digital currency network.”
Saylor spoke a day after US Treasury Secretary Janet Yellen described Bitcoin as “inefficient.” Comments accompanying a price drop of more than 20% from the all-time highs of $ 58,300.
For him, however, the comments were of little consequence compared to the wider use of Bitcoin, which is rapidly entering the financial lives of more and more people.
“The story that is not told here is that Bitcoin is a progressive and egalitarian technology,” he said on CNBC’s Squawk Box segment.
“We are going to see a day where 7 to 8 billion people have a digital gold bar on their phone and use it to keep their life savings with it.”
He then cited Bitcoin’s 12-year race to become a trillion-dollar asset, two to four times faster than tech majors like Amazon, Google and Apple.
Bitcoin mining operator Northern Data is considering a $ 500 million IPO
Major European Bitcoin (BTC) mining company Northern Data is considering going public in the United States.
Germany-based Northern Data plans to raise up to $ 500 million in the initial public offering, or IPO, Bloomberg reported Feb. 22.
The company is working with Swiss investment bank Credit Suisse to proceed with the IPO. According to anonymous people familiar with the matter.
According to the report, the company is considering conducting a new share sale later in 2021, with the intention of boosting Northern Data’s shareholder base as well as its global profile.
Northern Data shareholders include investors such as Galaxy Digital founder Mike Novogratz, as well as companies such as investment firm Cryptology Asset Group and EOS developer Block.one.
Northern Data has been listed on the German OTC market since 2015, where shares rose more than 300% over the past year.
“So the world needs this and I think you can expect that we will have a billion people storing their value (essentially a savings account) on a mobile device within five years and they are going to want to use something like Bitcoin,” he added.
Peter Schiff, asks on Twitter: “If I buy some BTC, how will I know when to sell it?”
The economic commentator, stock investor and defender of gold, Peter Schiff, always a protagonist in debates on social networks for his position against Bitcoin, surprised his followers with a question on Twitter that they did not expect.
If I had to buy some BTC, how will I know when to sell? If your answer is never to sell, what is the point of buying in the first place?
Of course, his question left people puzzled and dubious in the first place: Will Schiff finally give up on Bitcoin or did he simply ask this trick question as a challenge?
What did happen is that Schiff received more than 300 responses and some of them were answered.
User Adam asked him if the same did not happen with the sale of shares:
I’m not talking about the need to sell. I am evaluating when to sell. With a stock there is a way to measure valuation. Not with Bitcoin. Also, since BTC is so volatile, I can’t sell if the price drops 20% to cut my losses as I can do it on any day, ”Schiff replied.
For his part, the user David told him that he would sell to exchange it for goods and services that he wishes to acquire. To which Schiff commented:
‘I can’t change it, since merchants don’t accept it. I need to sell it first, either myself or using a broker like Bitpay. But I don’t mean small amounts. When do I sell to make a profit or reduce my losses? ‘
Like this one, more discussions related to the same question emerged. But, no matter how hard the crypto community makes to argue with Schiff, it can’t seem to convince him of the benefits of Bitcoin.
Where do you think the price of Bitcoin is going? Let us know in the comment box.