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Bitcoin on May 10, 2020

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The biggest 1-hour candlestick for Bitcoin (BTC) since Black Thursday: Bitcoin fell about $ 1,500 in less than 15 min today, May 10, 2020. The price of BTC rose slightly after this big fall, the day should end with a loss of 10%. Bears are dancing again on the market and on Twitter; the bulls are getting very small at the moment. The dream of a 5-digit Bitcoin at the dawn of halving, finally it was too good – or too early !

Fall and explosion

Bitcoin is trading at $ 8,624 at the time of writing. Josh Rager tweeted today to remind that support at the 9,100 USD level which then ensured Bitcoin bullish, had given in.

$ 7,000 is possible if Bitcoin ended the day below $ 8,400.

The crypto-analytical platform Santiment indicated an explosion of the mention of Bitcoin on social media, with today’s big drop. A similar explosion could indicate a rebound.

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Here they are again!

They’ve been hiding in their den since Bitcoin had begun to seriously attack the 10,000 USD. They come back to groan on Twitter, to express their joy.

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Nouriel Roubini tweeted after today’s big crash to say what good he thinks of Bitcoin : a market controlled by Whales, crypto-exchanges which claim to have cash they do not have, 90% of transactions are FAKE; in short, Bitcoin is a scam.

Peter schiff points to the speculators who could not wait for the halving and who started selling their Bitcoins, thus gobbling up the profits generated in recent days – finally, tweet from Schiff is rather easy to swallow, given the beating that the bulls have just taken.

Today’s lessons for a better crypto future than Bitcoin – Yes it’s possible :

  • The problem of the distribution of wealth: Satoshi Nakamoto should have set up a system preventing the “creation” of whales, which could influence the market in a single big transaction. “Rich” and “poor” should not exist in a balanced economic and financial system.
  • Regulation of speculation: speculation should be regulated to avoid excessive market volatility, at the risk of making the rewards received following the mining work obsolete.

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Litecoin, welcome in the Silver Age

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