Digital Currency Group CEO Barry Silbert Believes Bitcoin Is Down
Digital Currency Group CEO Barry Silbert has lifted the spirits of cryptocurrency bulls by announcing that he is buying bitcoin. Recent Tweet,
Silbert believes that the market has already reached “maximum pain”.
The crypto mogul has echoed Microstrategy CEO Michael Sayer, who recently doubled down on his bullishness despite heavy losses.
On Wednesday, the Crypto Fear and Greed Index, which is alternately updated daily, recorded a value of 7, falling deep into “extreme greed” territory.
As reported by U.Today, former BitMEX CEO Arthur Hayes warned cryptocurrency investors about “riding on the downside” in a recent blog post. Hayes cautioned that the coming weekend will be crucial for the market amid tug of war between bulls and bears.
Earlier today, bitcoin slipped to an intraday low of $20,530 with the bears trying to break below the crucial $20,000 support.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz predicted that it will take some time for bitcoin to fully recover from the recent fall.The world’s largest cryptocurrency has lost over 70% of its value since November.
Concerns about the US Federal Reserve’s extremely harsh monetary policy are putting pressure on bitcoin. The central bank is “fully focused” on fighting inflation.
Novogratz has repeatedly said that rapid turnaround could happen if the Federal Reserve stops raising interest rates.
Veteran chartist Peter Brandt recently tweeted that bitcoin could see a relief rally if the bears eventually test the iron support level.