• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Critics Rejoice After BTC Sheds $20 Billion; Here’s What They’re Missing

Cole Petersen by Cole Petersen
10 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Chainlink Nears Key Support After Being Battered by Overnight Decline
Advertisement

Bitcoin saw an intense downwards movement yesterday that led the benchmark cryptocurrency to erase the gains that came about as a result of its latest push towards the coveted five-figure price region.

The crypto’s drop led it to erase nearly $2,000 from yesterday’s highs.

It has been able to recover a small portion of these losses, although the crypto still appears to be in a precarious position.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This selloff led to a resurgence of Bitcoin critics who had been quieted by the cryptocurrency’s recent rally.

Some are now noting that this latest movement elucidates that Bitcoin is a “scam” and that it is rife with manipulation, but they are missing an integral piece of data that is key to understanding the cryptocurrency’s mid-term performance.

Bitcoin Experiences Massive Bear-Favoring Volatility 

At the time of writing, Bitcoin is trading down nearly 13% at its current price of $8,500, marking a notable decline from daily highs of nearly $10,000 that were set yesterday.

The crypto had been attempting to break into the five-figure price region on multiple occasions throughout the past several days.

Although BTC was unable to gain a foothold within this region, it never faced any type of swift rejection at this level prior to yesterday afternoon.

This gave the crypto’s uptrend an illusion of immense stability, but the rug pull overnight that led Bitcoin to lows of $8,100 has invalidated this notion and appears to have opened the gates for it to see further near-term downside.

Critics Revel in BTC’s Decline

Bitcoin has its fair share of critics, and two of the most outspoken ones have taken its latest decline as an opportunity to heap hate onto the benchmark digital asset.

Economist Nouriel Roubini stated that the 15% decline seen yesterday proves that Bitcoin is a “total scam.”

“Bitcoin crashes by 15% in 7 minutes on NO news: a rigged, totally manipulated, whales-controlled market where most transactions (90%) volumes are false as exchanges pretend to have liquidity they don’t have. Massive pump & dump, spoofing, front running, wash trading! Total Scam!”

Bitcoin crashes by 15% in 7 minutes on NO news: a rigged, totally manipulated, whales-controlled market where most transactions (90%) volumes are false as exchanges pretend to have liquidity they don't have. Massive pump & dump, spoofing, front running, wash trading! Total Scam!

— Nouriel Roubini (@Nouriel) May 10, 2020

Gold bug and outspoken BTC critic Peter Schiff also echoed this sentiment, explaining that the crypto’s decline is the result of investors pulling funds out as the halving event’s hype fades.

“Looks like some of the Bitcoin speculators who bought in anticipation of the halving couldn’t wait for the actual fact to start selling. As more sellers jump the gun, by the time the fact occurs, the profits those buying the rumor were hoping to cash in on may already be gone.”

Looks like some of the #Bitcoin speculators who bought in anticipation of the halving couldn't wait for the actual fact to start selling. As more sellers jump the gun, by the time the fact occurs, the profits those buying the rumor were hoping to cash in on may already be gone.

— Peter Schiff (@PeterSchiff) May 10, 2020

Both of these individuals are ignoring the elephant in the room, however.

Despite BTC’s sharp overnight decline, the cryptocurrency is still one of the best performing assets in 2020, with a 7% lead over gold and a nearly 30% lead over the S&P 500.

Bitcoin
Image Courtesy of Skew

As its technical and fundamental strength over a mid-term period continues growing, it is likely that this trend will persist throughout the year ahead.

Featured image from Unplash.
Tags: bitcoinbtcbtcusdcrypto
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

1 hour ago
paradox

How Paradox Group Is Helping DeFi

10 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

13 hours ago
Cardano, ADABTC, ADAUSD, ADA, cryptocurrency

Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

15 hours ago
oddz

Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

16 hours ago
Metis, DAO

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

17 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.