While experienced traders and billionaires believe that Bitcoin, the largest cryptocurrency in the world by market capitalization, is not dead and here to stay, regular investors are terrified as the price of the cryptocurrency has plunged to a two-year low.
Since the advent of digital assets, the cryptocurrency market has rarely been in such a state of upheaval.
Cryptocurrencies’ Status
They have consequently removed their crypto assets from centralized exchange platforms out of concern that they would suffer the same catastrophe as FTX investors in the wake of the exchange’s recent collapse.
The depressing atmosphere that pervaded the sector was sufficient to spread anxiety, doubt, and skepticism that readily sparked panic. As a result, widespread crypto asset dumping quickly caused prices to drop to new lows. After plunging to the $15,000 range on Monday, Bitcoin struck a two-year low.
A far cry from its current price of $15,747.84, Bitcoin was trading as high as $69,000 in November of last year. Investors are concerned as the first cryptocurrency shows a new low, and some are selling their Bitcoin before the cryptocurrency bottoms.
Millionaires haven’t been deterred, despite the protracted crypto winter. Bill Ackman, the founder, and CEO of Pershing Square Capital and a hedge fund manager with a net worth of $1 billion in the United States reiterated his support for cryptocurrencies and declared the market to be sustainable.
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Experts Believe Bitcoin Will Stay
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Ackman claims that, despite its capacity to facilitate fraud, the potential for crypto technology to have beneficial societal benefits could one day rival the impact of the telephone and internet on the economy and society with the aid of wise regulation and oversight.
The largest cryptocurrency exchange in the world’s creator and CEO, Changpeng Zhao, also made similar remarks concerning cryptocurrencies, notably Bitcoin. CZ, as he is more well referred to in the cryptocurrency community, declared on Monday that bitcoin is not dead and that they are still here.
Michael Saylor, a former billionaire and the CEO of Microstrategy, made a similar statement regarding Bitcoin, referring to it as an immortal, unbreakable, incorruptible basis upon which to build a better society.
Elon Musk, a prominent proponent of cryptocurrencies and evangelist, revealed the top three crypto assets that he believes will survive after the stunning fall of FTX.
As of 2:55 a.m., Bitcoin had a 24-hour volume of $33,458,762,367 and was trading down 2.78% at $15,703.53. ET Tuesday, based on the most recent information from CoinMarketCap.