The cryptocurrency world is buzzing as all eyes are on Bitcoin, with industry giants clashing over its future. The latest development causing a stir is Blackrock’s Larry Fink’s surprising shift from a Bitcoin skeptic to a firm believer.
Galaxy CEO Mike Novogratz dubbed this transformation as being “orange-pilled,” signifying Fink’s newfound faith in Bitcoin as a global currency. Novogratz stressed the significance of Fink’s endorsement, stating, “He got ‘orange-pilled,’ as we say, the orange-pilled is when you take a non-believer and you make him a believer in bitcoin. Larry was a non-believer, now he says, ‘hey, this is going to be a global currency.'”
While Novogratz’s optimism has buoyed Bitcoin enthusiasts, not everyone shares the sentiment. Other crypto analysts voice concerns over the dwindling Bitcoin volume, reaching its lowest since early 2021, raising fears of a potential return to $25,000. Some even warn of a deeper price retracement, breaching the critical $25,000 support, with $28,300 seen as pivotal for Bitcoin bulls.
Despite differing views, Bitcoin HODLers stand resolute, resisting selling pressure from BTC whales in the derivatives market. Notably, some market metrics hint at a potential market bottom, suggesting a potential uptrend.
The 7-day average of #Bitcoin spot trading volume has sunk to levels not seen since the start of 2021.#Bitcoin IV is also at its yearly lowest level.
This indicates massive incoming volatility that will skyrocket $BTC to a new level. pic.twitter.com/nmRCbrGbGb
— Mikybull 🐂Crypto (@MikybullCrypto) July 31, 2023
Presently, Bitcoin trades at $28,935.27 with a market cap of $567.496 billion and a 24-hour trading volume of $6.640 billion. The all-time high remains at a staggering $68,780.77.
As the crypto community watches these developments closely, the battle between bearish and bullish sentiments rages on. Investors are urged to exercise caution and research thoroughly in this unpredictable market. Bitcoin’s future remains uncertain, but one thing is certain – the crypto world is in for an exciting ride.
