Cynics dominate feedback part of BBC Bitcoin crash report

The BBC revealed an article titled, ‘Bitcoin worth drops by 50% since November peak,’ on Might 10. It gave a balanced account of the present state of affairs. The important thing takeaway was a robust optimistic correlation with shares, which additionally sank.

Nonetheless, evaluation of the feedback part confirmed most readers have a robust aversion to Bitcoin. Probably the most upvoted remark acknowledged BTC is just not an funding; as a substitute, it’s ‘pure hypothesis,’ and harms the setting.

“Bitcoin is just not an funding, it’s pure hypothesis, and it’s terrible for the setting because of the way it’s “mined”. To not point out its contribution in direction of the worldwide scarcity of GPUs.”

Bitcoin bounce on $30,000 assist

Bitcoin bears dominated on Monday, triggering a 12% swing to the draw back earlier than bouncing off assist at $30,000. At this time, the bulls are preventing again, having pushed the value as much as $32,600.

Monday’s sell-off was the newest in a broader seven-month downtrend from early November 2021’s all-time excessive of $69,000. The chart under reveals there have been the preliminary options of a return to kind. However, any trace of that has vanished following an acceleration of the downtrend from April onwards.

Bitcoin daily chart
Supply: BTCUSDT on

Behind it is a international financial tightening led by central banks, inflicting buyers to flee from risk-on property, together with Bitcoin. Joe DiPasquale, the CEO of cryptocurrency hedge fund BitBull Capital mentioned:

“The financial coverage tightening is inflicting buyers to scale back their publicity to danger property and BTC’s present correlation to the S&P 500 has led it to additionally drop right now,”

Because the macroeconomic setting worsens, the expectation is that central banks will proceed with hawkish insurance policies, spelling additional hassle for the value of cryptocurrencies.

Naysayers out in pressure

Following the BBC’s report on Bitcoin’s worth collapse, commenters didn’t maintain again in voicing their opinions on the main cryptocurrency.

As decided by the ratio of upvotes to downvotes, the preferred feedback confirmed a sturdy anti-Bitcoin sentiment among the many BBC’s readership.

Constant themes embody Bitcoin being speculative, unfavorable environmental affect, discuss of it being a get-rich-quick rip-off, and its affiliation with criminality.

“OH NO! My energy-based pyramid scheme :'(“

Primarily based on this, it’s clear that odd on a regular basis individuals have but to be satisfied of the deserves of holding Bitcoin. Nonetheless, it stays the case that cryptocurrency and blockchain should not going away quickly.

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