Binance has posted a screenshot of Bloomberg’s latest article on the bearish cryptocurrency market calling Bitcoin a fad. The Twitter account of the most popular crypto exchange had captioned the image, “Let’s keep this one for future reference too,” mocking Bloomberg’s predictions.
This is not the first time Binance has done this. The “too” in its caption is a reference to another tweet from December 2018. Back then Bloomberg had posted an article on Bitcoin being a bubble. Binance’s Twitter had shared that with a similar caption reading, “I will keep this one for future reference.”
However earlier this year, Binance retweeted the post, highlighting how BTC hit $3,700 later that same month.
The Bloomberg article disses Bitcoin as it falls 60% YTD against the USD. BTC could decline further due to Fed hikes and increased interest rates in response to heightened inflation in the US.
The article further dives into Bitcoin’s peak in November and its 73% downfall since, calling the digital asset not ideal for the preservation of wealth, according to Bloomberg.
However, Bitcoin is not the only coin that is facing the challenges of the current macroeconomic conditions globally. The market is also struggling to maintain its $900 billion valuation. Moreover, Ethereum has also dipped by 8%.
The drop in Ethereum’s value is after the Merge where the validation mechanism for transactions on the Ethereum network underwent an upgrade to reduce its energy conversion.
Ethereum and Bitcoin have plunged the majority of the market and as a result, many crypto exchanges are forcefully liquidating leveraged positions. In addition, over 130,087 traders have been impacted by this, reaching a total liquidated amount of $431.51 million.
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Source: Cryptocurrency - investing.com
