Cryptocurrency

Crypto market regains 11% capitalization in a week

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The crypto market was hit hard after the fall in Bitcoin prices during the week of June 13. Market capitalization started at $ 8.67 billion a week and ended at $ 955 billion. This happens when investors start withdrawing Bitcoin from the exchange, and analysts claim that Bitcoin will continue to fall.

Bitcoin

Bitcoin also finished the week in the green by showing parallelism with the overall market capitalization. Prices were protracted at around $ 17,616 at the beginning of the week, but at the time of writing they rose to $ 21,247, a 20% increase.

BTCUSD Weekly Chart

Bear market sentiment

Cryptographic hedge funds are still bullish on Bitcoin, even if investors choose to withdraw Bitcoin from the exchange and the miners choose to sell it.

Despite the market crash, prominent analysts and executives did not doubt Bitcoin. While the bear market agrees to destroy thousands of coins and blockchains, major cryptocurrency executives say that those that provide real value will survive and be higher than before.

Bertrand Perez, CEO of the Web3 Foundation, said:

“We are in the bear market. And I think it’s a good thing. It’s a good thing because it wipes out the people who were there for bad reasons.”

Meanwhile, Bloomberg’s senior commodity strategist Mike McGloan believes Bitcoin will be $ 100,000 by 2025. Commenting on Bitcoin adoption and halving, Magloan said:

“For now, we expect Bitcoin to fall. I don’t know how much.[…] It could go down to 20,000, but I don’t think so. But no matter what happens, I fully expect it to reach $ 100,000 in two years. “

Forbes, a prominent news source, also argues that Bitcoin is seen as a long-term reality and that by providing ownership and proper pricing, it can resolve growing income inequality.

Posted by: Bitcoin, Analysis

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