Crypto Catch: Bitcoin falls to dangerous level, escapes major selloff

Image Source: © Grafner | Megapixl.com

Highlights

  • Last night, the world’s largest cryptocurrency, Bitcoin, almost fell below a critical support level, which might have spelt disaster for the entire crypto industry
  • Meanwhile, Microsoft founder, Bill Gates, has blasted digital assets like cryptocurrency and NFTs
  • Despite crypto’s woes, a new survey has revealed that the world’s richest people are spending more money than ever on cryptos

Last night, the world’s largest cryptocurrency, Bitcoin, almost fell below a critical support level, which might have spelt disaster for the entire crypto industry.

Bitcoin has had a tumultuous week, losing around a quarter of its value since Friday.

Overnight, the flagship currency fell to US$20,087, which according to market experts was just 87 dollars away from putting extraordinary selling pressure on the digital token.

If indeed Bitcoin had dropped below the US$20K mark, the token would have lost all its accumulated value since 2017.

Meanwhile, Microsoft founder, Bill Gates, has blasted digital assets like cryptocurrency and NFTs.

Speaking at a TechCrunch conference on Tuesday, Gates said that digital asset trends depend entirely on whether other people are willing to bid higher on worthless and overvalued assets – a phenomenon he referred to as “the greater fool theory”.

Gates added that he prefers more traditional investments, like shares, because companies make actual products that people can use.

Also Read: Bill Gates' crypto remark: What is greater fool theory?

It’s been a particularly rough week for the crypto industry, with top exchange, Coinbase, forced to lay off a fifth of their staff earlier this week.

Despite crypto’s woes, a new survey has revealed that the world’s richest people are spending more money than ever on cryptos.

A wealth management study, by France-based IT company, Capgemini, found that 71 per cent of wealthy respondents said they had purchased digital assets.

However, for those respondents under the age of forty, that number grew to 91 per cent.

Currently Bitcoin sits at US$22,600 mark after nearly falling below US$20K overnight.

Meanwhile, Ethereum also rebounded slightly overnight and was recently priced at around US$1,233.

Winners and Losers

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Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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