Glassnode released a report yesterday noting that Bitcoin’s SOPR indicator suggests that a further decline in prices will leave many investors in the red, but contrary to what many may think, that is positive.
Crypto investors will not accept losses!
The SOPR refers to Bitcoin’s spent production profit ratio and as we see, the indicator currently offers a bearish view for the price of the crypto.
However, Glassnode ensures that “For the SOPR to decline, investors would have to be willing to sell at a loss, which is unlikely given the current shape of the market. We have been looking for this reset to create some market stability and pave the way for the next bull run. .
Therefore, this means that the current correction in the price of Bitcoin could soon be completed.
Still BTC seems to be struggling to hold on to levels and that certainly worries crypto investors. We want to know your opinion! Do you agree with Glassnode’s view on the price of Bitcoin?
Bitcoin follows the main attraction of the crypto market
Yesterday CoinShares published a report evaluating the performance of other cryptocurrency investment firms. Thus, it revealed that 97% of the $ 1.3 billion that entered the crypto market last week was in Bitcoin-related investment products.
Additionally, the report noted that Bitcoin comprises 83% of digital asset investment products under management.
eToro had $ 600 million in revenue in 2020
At least for the time being, eToro’s foray into the crypto industry has been successful, especially considering it made $ 600 million in 2020, with a total trading volume increasing 40% to $ 1.5 trillion.
Part of the success has been supported by increased crypto demand. However, it was precisely this boom that led the platform to warn that users could see limitations in crypto trading.
Cryptos are not bad!
In an article for Time magazine, Alex Gladstein, director of strategy for the Human Rights Foundation, warned about the narrative many times used by the media to refer to crypto.
Specifically, he warned that many news outlets covering stories on the subject tended to associate them with terrorists or criminal organizations.
And thus explained that “Bitcoin is neutral like cash and cannot discriminate between good and bad. Some extremists use these tools. They also use cell phones, email and the Internet. ‘
Furthermore, he claimed that financial privacy is, in fact, as essential to a democratic state as privacy in communication tools.
In a few lines …
- Ripple signed 15 new clients even after the SEC filed a $ 1.3 billion lawsuit against them.
- Lloyd Blankfein, former CEO of Goldman Sachs, assured that regulators should be concerned about crypto BTC.
- The Bank of Singapore also believes that crypto could replace gold.