{"id":418744,"date":"2020-03-20T17:00:15","date_gmt":"2020-03-20T17:00:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=418744"},"modified":"2020-03-20T16:25:09","modified_gmt":"2020-03-20T16:25:09","slug":"bitcoins-85-bounce-shows-crypto-is-fundamentally-alive-and-well","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoins-85-bounce-shows-crypto-is-fundamentally-alive-and-well\/","title":{"rendered":"Bitcoin\u2019s 85% Bounce Shows Crypto Is Fundamentally Alive and Well"},"content":{"rendered":"

Bitcoin<\/a> and the rest of the crypto market \u2013 even traditional equities markets and precious metals \u2013 have been suffering through one of the worst selloffs the world has ever seen in the face of a global pandemic.<\/span><\/p>\n

However, while the stock market has barely gained back any of the recent losses from last week\u2019s collapse, the first-ever cryptocurrency has nearly doubled in value, gaining 85% from the recent low and showing that the asset is fundamentally alive and well.<\/span><\/p>\n

BTC is Dead, Long Live Bitcoin<\/span><\/h2>\n

Bitcoin<\/a> has been pronounced dead hundreds of times throughout its just over ten years in existence. It\u2019s been compared to rat poison, and many times have pundits called for its collapse to zero.<\/span><\/p>\n

Last week, cryptocurrency investors, however, were fearing that might actually come true.<\/span><\/p>\n

Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin\u00a0<\/a><\/strong><\/em><\/p>\n

A liquidity crisis hit all markets last week as panicked investors sold off everything under the sun, fearing a coming recession and a world left forever changed due to the spread of the coronavirus.<\/span><\/p>\n

The massive selloff caused a cascade of liquidations on trading platform BitMEX<\/a>, which kept driving the price of Bitcoin down further and further.<\/span><\/p>\n

Eventually, the exchange was taken offline and Bitcoin\u2019s price began to recover at roughly $3,800 at the low.<\/span><\/p>\n

Now, just one week later, Bitcoin reached as high as $7,100 this morning, marking an 85% gain since the bottom was set just days earlier.<\/span><\/p>\n

Not only does this show that Bitcoin<\/a> is alive and well fundamentally, but it could make the leading cryptocurrency by market cap especially attractive to investors seeking to put their capital somewhere where there is growth amidst falling valuations everywhere.<\/span><\/p>\n

\n

$BTC<\/a> is up 80% in one week from $3700.<\/p>\n

Another +80% puts us at $12500.<\/p>\n

Yes it might've crashed with the rest of the market, but one thing is for sure, when it pumps it leaves everything behind.<\/p>\n

When in doubt, remember that fundamentals never changed. pic.twitter.com\/FE4qEPZoX3<\/a><\/p>\n

— Galaxy (@galaxyBTC) March 20, 2020<\/a><\/p><\/blockquote>\n