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.