Bitcoin Drops Below $8,700 – Two Catalysts Will Be Rocket Fuel For BTC’s Price
The crypto market looks pretty bloody these days, and most of the coins are trading in the red.
At the moment of writing this article, Bitcoin is also trading in the red and the most important coin out there is currently priced at $8,694.89.
Bitcoin is expecting another bull fueled by two triggers
Crypto adopter Charlie Shrem said that the conditions are perfect for Bitcoin to kick it to another gear once more.
He explained that the quantitative easing in response to the Covid-19 pandemic would bring in new demand for the leading coin.
“We have two trillion dollars of money printed in the United States. People are starting to get all that money,” he said.
He continued and explained that “Also, all these people are getting their unemployment benefits probably when they’re about to go back to work anyways, and they haven’t been needing to spend much money while they’re sitting at home for the past few months.”
More than that, he also mentioned that the Bitcoin halving is just around the corner.
“And then you have the halving where the selling pressure cuts in half all of a sudden at the end of next week… So all of a sudden that pressure is cutting in half, and now all of this money, what do you think is going to happen?”
We recommend that you check out the video in order to learn more details.
Bitcoin becomes king of 2020 investments
Not too long ago, we revealed that Bitcoin managed to become the king of 2020 investments after it surpassed gold.
It’s also with noting that Bitcoin usually reacts to the massive crashes in the traditional markets, such as the one that took place on March 12.
Crypto analyst Scott Melker said that the numbers are showing that BTC is definitely an uncorrelated asset.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.