The markets have not managed to recover from this Black Monday, not even Bitcoin (BTC) and the crypto market that continue to be red. The question is: When will we be green again? Filbfilb answers this question, without generating much hope.
According to the data offered by Coin360, the BTC / USD ratio remains at $ 7,670.54, having a 2.18% drop for the day. In this way, BTC has accumulated a 19.11% drop since Saturday.
But the poor performance has not been only of the crypto market, on the contrary, traditional markets have had one of the worst returns since the Financial Crisis of 2008.
This has happened in a context marked by uncertainty and concern about the rapid acceleration of the Coronavirus in Europe and in the world.
So even though Bitcoin’s price remains around $ 7,700, there is no certainty in the market that those levels will last for long.
Betting on Bitcoin as a safe haven is risky
On Sunday, February 8, the analyst known as “filbfilb”, through his Twitter, posted a Tweet referring to the terrible performance that the markets were having. In this way he pointed out: “I don’t really have anything positive to say but this seems appropriate to me“
One of his followers noted that Bitcoin was still better off than the oil market, to which filbfilb replied in the affirmative.
So, today filbfilb decided to communicate with his followers on his Telegram channel honestly about the situation in which we find ourselves.
First filbfilb established the need to recognize that this is an unpredictable event, that it goes beyond what is normally expected from a situation and has impacted all markets. Like a good black swan, this event could have potentially serious consequences.
In this way, he indicated that we could be one step away from a credit crisis, “simply because of the fragility of the financial system“
So even though it is not a bitcoin exclusive situation, we must be cautious as it is an immature asset class.
“Bitcoin has never had to deal with something like this, it is a truly global problem.”
Filbfilb through its Telegram channel.
Also, filbfilb emphasized that it is too early to risk by betting that Bitcoin as a safe haven in the environment we are currently living in.
Consequently, it noted that “we must expect BTC to misbehave … And we must expect it to do things that we have not seen it do in difficult times“
However, it is not as bad as we might think. Filbfilb noted that not everything is lost for Bitcoin, even “this is exactly the kind of event that could help in the long run“