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Former White House Director of Communications Anthony Scaramucci says the GameStop rally shows why Bitcoin, as a concept, will succeed.
Bitcoin’s bright future
The GameStop rally has come to symbolize individual power exceeding the might of Wall Street.
A crypto manager said that the much-awaited Bitcoin ETF in the US would likely be delayed until the milestone is reached.
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If you’ve been following the news at all over the past week, you know of the story of GameStop.
The GameStop stock, which trades under the ticker GME, has undergone an extreme rally of over 1,000 percent in the past two weeks, which is somewhat of an unforeseen event in financial markets.
Bitcoin’s price slipped under $30,000 a few hours ago as selling pressure began to pick up across top exchanges. This came after BTC attempted to push past the $33,000-34,000 resistance region on Monday.
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The star money manager made a big Bitcoin bet back when the project was in its nascency. And he now wants to make the US a better place.
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The cryptocurrency market saw over $450 million worth of futures contract positions liquidated in the last 24 hours. In the same period, Bitcoin pulled back by more than 7%, showing weakening momentum.
On Binance, the price of Bitcoin dropped to as low as $29,500, retesting a critical support level.
Cryptocurrency will be a major piece of technology in the so-called ‘Fourth Industrial Revolution’, also called ‘The Great Reset.’ The World Economic Forum (WEF) foresees it benefiting supply chains. But, we’ve also seen early implications for the Internet of Things and Smart Cities.
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Binance CEO Changpeng Zhao (CZ) predicts this current crypto bull cycle may run up until 2024. Speaking to Ran Neuner, the co-founder of On-Chain Capital, Zhao shared his predictions for the future, including a call that several bull years lay ahead.
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Bitcoin has finally begun to cool down after an extremely strong rally in December and early January.
After peaking at $42,000 earlier this month, the cryptocurrency has settled toward $31,000, which is over 25 percent off those highs.
The crypto skeptic made the comments in an online discussion during this year’s Davos agenda.
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