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Bitcoin Slump

Bitcoin hasn’t been anything more than a disaster in 2022, and those who still believe it will recover shortly are dreaming beyond expectations. There just isn’t anything to support an upward trend in the immediate future. All savvy investors are aware!

Bitcoin has kind of hovered around 20k per token since the middle of June, after speculative belief that having hit a low it would start to rise again. Even Andreessen Horowitz (a16z), Silicon Valley’s venture capital firm had predicted it had bottomed out, and it was the right time to buy cryptocurrency. A16z even invested more heavily into the fund with middle to long term expectations of growth.

Bitcoin almost rose to 25K mid-August, but then dropped. Then on 12th September just as some had predicted started to spike and within a few days increased to US$22,402.60. Then it slumped to lower than 20K at US$18,645.00 on 21st September. Now at the beginning of October it has made a minimum recovery to US19,304.40, but again it is flat and no one really has any insights into the market.

  • Tether. ₹ 81.53. 0.13%

  • Bitcoin. ₹ 15,72,513. -0.77%

  • Ethereum. ₹ 1,08,241. 0.08%

  • Binance USD. ₹ 81.57. 0.22%

  • USD Coin. ₹ 81.50. 0.19%

  • XRP. ₹ 39.15. 1.56%

  • Solana. ₹ 2,694. -2.38%

All the big players are saying cryptocurrency will have its day. In other words, I’ve spoken to some big fish in the market who are confident. They have invested for the long term. No beating around the bush, these guys are serious players who know more than the average person. Perhaps cryptocurrency will eventually pull its head back out of the water.

Once bitten, twice shy!—used to mean that a person who has failed or been hurt when trying to do something is careful or fearful about doing it again. So, your guess is as good as mine!

Take care!

Prof. Carl Boniface

Vocabulary builder:

No beating around the bush (idiom) = To avoid getting to the point of an issue: “Your worries have nothing to do with the new proposal. Stop beating around the bush, and cast your vote!”

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