Bitcoin users around the world experienced the worst price slip since March 23. It was astonishing to see on the Bitstamp exchange that the price fell to $41,777 at 00:23 UTC.
What makes this more alarming is the fact that just last week, the Bitcoin 2022 conference was held in Miami. This should have pushed the price of the largest cryptocurrency but alas nothing happened. Rather the world saw the biggest dip in prices since March.
Is this the End of the Bitcoin Rally?
Not necessarily. There have been a lot of dips and forms in the price in the past few years and the cryptocurrency giant is still standing tall over other altcoins. Though this has not been enough to pacify everybody. Recently, a tweet from the CEO of Gerber Kawasaki Wealth and Investment Management, Ross Gerber called the recent conference held in Miami “troubling and not a good look.”
They are other people who share his view and have voiced their opinions on various social media networks. Interestingly, there are so many others that believe that this would only make Bitcoin stronger. This has led to a bit of back-and-forth exchange between the opposing sides.
Notable amongst those that have spoken out since the conference is twitter user Crypto Whale, a site that posts crypto and stock insights, sent out a tweet that read. “The Bitcoin 2022 conference was a complete failure. Not only were 70% of the tweets empty, but many guests like Nayib Bukele didn’t even show up. Bitcoin is tanking, and many attendees have left very disappointed.”
Tweets like the above mentioned has forced some bitcoin lovers to become defensive and in some cases delete their post in support of the company. A user with the name Kevin O’Leary had earlier made a tweet stating, “Bitcoin will become the reserve currency of the earth.” This post has since been deleted by the user.
The next few weeks will be very telling to show where the crypto giant is headed. Reports show that on April 10, 2022, Terra (Luna) project and Luna Foundation Guard purchased bitcoin worth about $176 million, but even that isn’t enough to prop the price for the leading giant.
Is Bitcoin the Only Altcoin Performing Badly?
No, it’s not. In short, compared to a lot of the other altcoins out there, Bitcoin is doing remarkably well. The Bitcoin in the past week has reportedly gone down roughly 9%. That’s a lot to be honest but compared to Solana (SOL) which went down 19% or Terra with 22%, Bitcoin is still performing better.
Maybe people are calling out Bitcoin more because of who they are and what they represent for the entire cryptocurrency community. The truth is as the most popular altcoin, a lot of responsibility rests on the shoulders of Bitcoin. It can influence the market and people’s opinions worldwide.
Hopefully, the new week would be a new beginning for the crypto giant and its users worldwide.