Soon the death of Bitcoin (BTC)?

Without a doubt, the Bitcoin (BTC) is the cryptocurrency that has had the most retentions since its creation. With a price that has literally taken off since its frail beginnings, then various periods of falls and rises, it arouses the perpetual interest of investors. From now on, the questions are different. More and more people are interested in obituaries of Bitcoin, i.e. the number of times it is declared “dead”. Between experts and mere rumours, we help you see things more clearly. Here’s everything you need to know about the price of Bitcoin and its future.

  • Bitcoin obituaries, what is it?
  • The European Union plotting against Bitcoin?
  • A new climb of the course expected

Bitcoin obituaries, what is it?

The term obituary seems inapplicable to cryptos, and yet it is regularly used. Especially in its English formulation, known as “Bitcoin obituary”. The site of the same name lists all of the official crypto deaths. In other words, this is a huge loss in value for the crypto, bringing it close to losing interest. Various conditions must be met in order for a new obituary to be registered. Among these conditions, we note for example that the death or loss of value of Bitcoin must be the subject of an explicit announcement in an article. Or that it appears on a site or a Twitter account with a large audience.

2020 is proving to be an interesting year from the perspective of Bitcoin obituaries. More precisely concerning their number. Compared to the year 2021, the latter have reduced by 52%. His most recent obituary was on June 7, 2022. Renowned engineer Stephen Diehl spoke about the dire state of crypto-assets. According to him, the crypto industry is not sufficiently adapted to large-scale exchanges, and is going to its loss. Is this reality? Does Bitcoin no longer have a future? What about so-called crypto skeptics? Unexpectedly, individuals are not the only ones interested in these topics. Governments, and even the European Union, do not hesitate to give their opinions.

The European Union plotting against Bitcoin (BTC)?

The EU’s interest in the crypto-asset sector might surprise many. And yet, it seems logical. Even though it is a decentralized financial system (DeFi), the crypto universe remains a financial system in its own right. Given the importance of the flows it generated, and the constantly growing number of crypto users, it seemed inevitable that the European Union would take an interest in it. Yes, but from what perspective?

Against all expectations, the European authorities are accused by some of plotting against Bitcoin. Confidential documents are said to have leaked and confirm the rumour. We can read there exchanges held behind closed doors between various state officials, dating from November 2021. Bitcoin Ban was openly mentioned, as well as trading all cryptos in general. This is reminiscent of China’s hostility towards crypto mining. As a reminder, going back only to the end of 2021, Ethereum mining was still a victim of this decision by China. The Chinese government has been quick to point out that Bitcoin and Ethereum are both non-legal tender in China. As a result, many prohibitions are applied to them. We can cite, for example, any digital activity related to cryptos, the issuance of digital assets, or even foreign exchanges strictly prohibited for Chinese citizens. A list that is likely to grow in the near future.

A new climb of the course expected

Bitcoin obituaries are a chosen thing. His actual death is another. Admittedly, like other years, the king of cryptos was declared dead several times in 2022. However, it is essential to note that long-term expectations regarding its course remain particularly optimistic.

Monday, June 13, however, the week started strong for Bitcoin, with a loss of almost 15% in just a few hours. He knew how to beat all the most pessimistic prognoses by reaching an impressive price of $20,500. Despite this record, it does not seem to have reached its limits. Indeed, experts agree that the price of Bitcoin (BTC) could still rise again. The sequential indicator Tom DeMark confirms this information, projecting the reaching of the threshold of 33,000 dollars within a few weeks, and 38,000 dollars by the end of the year. So, no, Bitcoin is absolutely not dying. Quite the contrary.

The period is bloody, and many losses are to be deplored. But while it lost a battle, Bitcoin (BTC) did not lose the war. And before killing such a ferocious beast, much more blood will have to be shed.

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Founded by Marc-Antoine CAEN POLETTI in 2021, Alt Write SEO is a content writing agency specializing in cryptocurrency, blockchain and NFTs. It finds its roots in 2016 with the French Cryptocurrency Club, of which Marc-Antoine is the current president. Our mission is to support French-speaking crypto companies to make France the first crypto nation in the world.

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