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Home Cryptocurrency news

Bitcoin’s 85% Bounce Shows Crypto Is Fundamentally Alive and Well

Tony Spilotro by Tony Spilotro
11 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin dead alive
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Bitcoin and the rest of the crypto market – even traditional equities markets and precious metals – have been suffering through one of the worst selloffs the world has ever seen in the face of a global pandemic.

However, while the stock market has barely gained back any of the recent losses from last week’s collapse, the first-ever cryptocurrency has nearly doubled in value, gaining 85% from the recent low and showing that the asset is fundamentally alive and well.

BTC is Dead, Long Live Bitcoin

Bitcoin has been pronounced dead hundreds of times throughout its just over ten years in existence. It’s been compared to rat poison, and many times have pundits called for its collapse to zero.

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Last week, cryptocurrency investors, however, were fearing that might actually come true.

Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin 

A liquidity crisis hit all markets last week as panicked investors sold off everything under the sun, fearing a coming recession and a world left forever changed due to the spread of the coronavirus.

The massive selloff caused a cascade of liquidations on trading platform BitMEX, which kept driving the price of Bitcoin down further and further.

Eventually, the exchange was taken offline and Bitcoin’s price began to recover at roughly $3,800 at the low.

Now, just one week later, Bitcoin reached as high as $7,100 this morning, marking an 85% gain since the bottom was set just days earlier.

Not only does this show that Bitcoin is alive and well fundamentally, but it could make the leading cryptocurrency by market cap especially attractive to investors seeking to put their capital somewhere where there is growth amidst falling valuations everywhere.

$BTC is up 80% in one week from $3700.

Another +80% puts us at $12500.

Yes it might've crashed with the rest of the market, but one thing is for sure, when it pumps it leaves everything behind.

When in doubt, remember that fundamentals never changed. pic.twitter.com/FE4qEPZoX3

— Galaxy (@galaxyBTC) March 20, 2020

Cryptocurrency Fundamentals Will Help It Survive The Coming Economic Collapse

Bitcoin and other cryptocurrencies were designed with unique attributes that make them unlike fiat currencies, and oftentimes more like precious metals, due to the scarce and limited supplies.

This attribute could help Bitcoin and other cryptocurrencies during the potential inflation in the days ahead.

Bitcoin was also designed to be decentralized, and if banks shut down in the near future over the virus, only cryptocurrencies will be instantly accessible for holders.

Even the World Health Organization is promoting contactless payments and a reduction in the reliance on cash.

Related Reading | The Coronavirus May Be The Best Reason Yet To Own Bitcoin 

Bitcoin, fundamentally, has everything going for it, and the recent rally reflects investors realizing the asset’s potential and speculating that the asset will soon shine in the face of all this financial adversity.

And speculation, yet another factor giving Bitcoin value will only increase as its use cases show even more potential in overcoming the current unique challenges the world is facing.

Featured image from Shutterstock
Tags: bitcoincoronaviruscryptorecession
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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