Bitcoin

Bitcoin’s Price Stability Is The Last Stand Before Capitulation, According To ECB Experts

While Bitcoin may look solid for the time being, it is on the verge of becoming obsolete, according to research by two European Central Bank (ECB) experts.

According to an ECB blog post, Bitcoin is seldom used in transactions and creates a reputational risk for banks, arguing that regulation may be misinterpreted as approval.

“Speculative bubbles rely on new money flowing in. Bitcoin has also repeatedly benefited from waves of new investors. The manipulations by individual exchanges or stablecoin providers etc., during the first waves are well documented, but less so the stabilising factors after the supposed bursting of the bubble in spring,” the blog read.

While some consider this steadiness in the face of several disasters as a sign of optimism, Ulrich Bindseil and Jürgen Schaaf describe it as “an artificially induced last gasp before the road to irrelevance.”

Bitcoin‘s price peaked at $69,000 in November 2021 before plummeting to $17,000 this summer, according to the report’s authors, Bindseil and Schaaf. And it’s mostly fluctuated between $17,000 and $20,000 since the Terra ecosystem collapsed in May and the FTX exchange went bankrupt this month.

At the time of writing, BTC is trading at $16,760.

BTC daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

The $100 Bet: Qubetics at $0.0212 Could Hit $70K, Amid Binance’s Market Impact and Cardano’s Resilience!

Amidst the heavyweights like Binance (BNB) and resilient competitors like Cardano (ADA), Qubetics ($TICS) is…

2 hours ago

Federal Reserve Bitcoin Proposal as Lummis Suggests Selling Gold

Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…

3 hours ago

Pennsylvania Proposes a Bitcoin Reserve to Recognize BTC’s Value

Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…

3 hours ago

For Those Who Missed Avalanche: Qubetics Best Crypto Presale at $0.0212 Offers a Second Chance to Profit Big

Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.

4 hours ago

BlockDAG’s $30 by 2030 Price Predictions Are Sparking Excitement Among the Community—Will Toncoin & SUI Keep Up?

Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…

4 hours ago

This website uses cookies.