Founder of Messari Tweets Compelling Pro-BTC Post Amid Bearish Development

Latest report says that Ryan Selkis, the creator of the crypto analytics company Messari, has advocated for the purchase of Bitcoin on Twitter in response to the current gloomy feeling and negative sentiments in the cryptocurrency market (BTC). This occurs as the value of the top cryptocurrency has dropped 8.27% over the past 24 hours, resulting in a weekly performance decline of 11.20% as of the time of this report.

BTC began yesterday’s trading session at $21,704.37, hit a daily low of $20,042.72, and ended the session at $20,362.22 before the bell rang. Unfortunately, the price has continued to go downward, and in today’s trading session, it fell below the subsequent significant support level at about $19,853.96.

On a brighter note, report has it that buyers have intervened to support this level, driving the price of BTC back up above the significant state. Expert analysts says that if Bitcoin concludes today’s trading session below $19,853.96, there is still a chance that its price will continue to decline and reach $19.5K. Bitcoin is currently trading at $19,860.24.

In the current environment, when the market cap of all cryptocurrencies is down 7.75% to under $1 trillion, Selkis’ tweet to “buy BTC” can be considered a risky move. Yet, others think the current price decline is an excellent time to buy, so this may be a calculated move.

The US Influence 

In another report, it is said that the US Treasury Secretary intended to impose more robust controls on cryptocurrencies to combat money laundering and other illegal activity may be to blame for the present negative sentiment. It has also been said that the increase in COVID-19 cases across the globe, particularly in Europe, has sparked new worries about the future of the economy.

It was also gathered that there are still enthusiastic traders out there who are optimistic about Bitcoin, one of them is  Michael Saylor, the CEO of MicroStrategy, who has been said to have spent around $10 million to buy an extra 205 BTC. His entire Bitcoin holdings now stand at 91,064 BTC or approximately $1.8 billion at the current exchange rate.

Meanwhile, experts have said that the status of the cryptocurrency market right now may be viewed as problematic, with Bitcoin’s price falling. Selkis’ tweet to “buy Bitcoin” may give investors hope, nevertheless, as some see the current price decline as a buying opportunity. How the market will react in the upcoming days is still to be determined.

Leave a Reply

Your email address will not be published.


Coins Capital Review, – Is Coins Capital Scam Or Legitimate?

Coins Capital Trading Platform Rating 4.3 Summary Read our Coins Capital review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is Coins Capital scam or legit” and much more! Coins Capital Review You have been thinking for a long time if trading is for you. You have finally […]

AI Center Indicts ChatGPT Developer of Trade Law Violations: Claims Bias & Deception

The organization alleges that the creator of ChatGPT has violated Section 5 of the Federal Trade Commission Act with the release of GPT-4. This section of the act prohibits any practices or acts considered deceptive or unfair and that affect commerce. CAIDP has complained to the US Federal Trade Commission, intending to prevent the distribution […]

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]