Winklevoss Believes Bitcoin Faces Another IssueJudy Rubio
The press reports that Winklevoss believes there is great change ahead – according to the entrepreneur, Bitcoin is about to face many issues related to the coronavirus and that the crisis it brought may affect the entire market. Besides the recent problems and troubles, Bitcoin hasn’t yet resolved issues with oil. The current ‘inflection point’ is something that will only increase the amount of woes the cryptocurrency has got to cope with.
The so-called inflection point is historic and life-changing. Cameron Winklevoss pays attention to this fact and finds it important to discuss. A couple of days ago, the entrepreneur posted a serious of tweets. Users were able to find out why Winklevoss underlines the role of COVID-19 and how it influenced Bitcoin. The information was based on facts and analysis as well as personal experience.
How Can HODling BTC Help?
The Metaverse as well as Bitcoin will face an inflection point during the pandemic. Cameron Winklevoss is urging followers they should ‘hodl’ their cryptocurrency. The entrepreneur mentions what sort of transformations the crypto’s public profile might undergo – this would, of course, depend on conditions the current crisis offers.
His optimistic prognoses echo those of different prominent market players. Bitcoin, they declare, was created after a financial crisis. According to economists, the previous stress was less harsh. The one that accompanies COVID-19 might be more severe.
Markets have managed to prove this idea right. Cointelegraph reports the unprecedented scale of money printing that gradually influenced the mood on stock markets. They, though, haven’t bounced back yet – even after a year they remain at a loss.
Oil Production Is Cut
As we know, OPEC+ leaders agreed to reduce oil production by ten per cent. Nevertheless, analysts say such low oil cuts are not enough. They have proofs and are ready to present undisputed facts to prove their opinion absolutely right.
Contango’s main purpose is to serve as a price structure that informs and warns about oversupply in oil. Bloomgerg notices that oil’s contango has been steadily rising despite the agreement. The oil cut is not enough to prevent the current oversupply. The market misinterprets the situation and does not help resolve woes related to oil production.
In fact, Bitcoin remains sensitive to changes. All moves occurring on traditional markets reflect on the crypto. Experts expect this will keep on slowing down – the halving event that is planned for May will take all holders’ attention.
Bitcoin/US dollar is different from oil. It is known that the currency has never experienced overselling. We can see the changes and situation that may influence the market, but the currency’s run-up at present is obvious. Bitcoin’s RSI proves that the crypto’s relative strength index is at lows. What is happening right now has been only witnessed 3 times ever before.
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