Crypto experts are still not accepting that Bitcoin dead and here is the reason why:
Cryptocurrencies are the digital gold of today’s era. However, with each passing day, Bitcoin has been going downwards since Nov 2021. This is when the markets are at their best, and crypto is hitting the all-time high of $3 trillion.
Therefore, some believe that BTC is dead for the 458th time. The Critic of bitcoin has often come forward when the markets are getting hit with the regulations, rate hikes or tightening policies.
As per 99Bitcoins’ data, the largest reserves of the cryptocurrency have been called “Dead”. This is a minimum of 458 since 2010, and even 19 cases were recorded this year.
However, the Co-Founder of ReSource, Ashley Taylor Buck, believes that Bitcoin is still alive “more than ever.”
“It is the strongest use case for a third, neutral, non-partisan monetary system. It is the only large-scale, truly decentralized network that will handle the volume of cash necessary for sovereign and nation-states to trust and transact with each other. There is also no chance it can disappear because the blockchain is running on satellites in space,” Buck told Be[in]Crypto.
Furthermore, Buck has also given two of the most important reasons. One on a macro level responsible for the latest crypto crash is the US Federal Reserve’s (Fed) rate hike. Second is the alarming levels” and mass overleveraging with margin calls and liquidations.
In addition, Celsius Network’s flush of liquidations has also had a major impact on the decentralized finance (DeFi) ecosystem. Also, Buck believes that Celsius’s recent actions will potentially cause long-term damage.
Is There Any Hope or Bitcoin Dead?
The crypto space has lost around two-thirds of its all-time high total market capitalization since Nov. 2021. However, with the current bullish moves and funding, Magic Eden’s $130 million deal.
For example, the market has also shown signs of hope. According to CoinMarketCap data, the industry’s market cap is consolidating around the $940 billion mark.
Buck says that the real projects will continue to build, and the fundamentals remain intact. She says that the retail perception and trust of the space have changed. The dynamics are changing because of the circumstances, and they will take time to recover because it’s “hard to bring trust back
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