Bitcoin Bulls Buy the Dip - Weekly Flip Thru
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Bitcoin Bulls Buy the Dip
Yesterday was an interesting day in the cryptosphere. If you follow the markets, you saw the prices of BTC, ETH, BNB, LTC, and more plummet in the morning. Fortunately, the market is already beginning to recoup from the crash, as Bitcoin bulls take on this moment as a great buying opportunity.What's behind the crash and who is buying the dip? Read on to find out. Plus, find the latest way in which bitcoin is better than traditional banks. What's behind the crash and who is buying the dip? Read on to find out. Plus, find the latest way in which bitcoin is better than traditional banks.
Crypto's Big Price Crash
After slowly declining over the last week, cryptocurrency markets crashed early Wednesday morning. Bitcoin prices dropped as low as $30,000, while altcoins saw similarly drastic price reductions.
What is behind the decline? Three major factors are playing into the price action:
Elon Musk changed his position on Bitcoin. Tesla removed BTC as a payment option for their cars, citing Bitcoin's energy consumption as a motivating factor. Despite the change of heart, Tesla claims it is still hanging on to its BTC holdings.
China banned financial institutions from crypto business. This is not China's first move against digital currencies, as they outlawed local exchanges and ICOs in 2017. While the Chinese government is closing in on bitcoin as they develop the digital yuan, it is still not illegal for citizens to hold crypto.
Crypto market cycles tend to be cyclical. They flow from times of Bitcoin domination to periods when newcomers panic and sell-off. However, many bitcoin bulls are confident that markets will pull through after a short-term dip.
BUY THE DIP!
Many are seeing Bitcoin's latest price drop as a buying opportunity. On Tuesday, the famously BTC-friendly business intelligence firm MicroStrategy added 229 BTC to its balance sheet.
Many more have taken to Twitter to boast about their bitcoin buys at some impressive prices, including Tom Brady.
Are you looking to buy the dip? CoinFlip has you covered.
While your favorite exchanges may go down during momentous crypto occasions, CoinFlip never goes down.
Bitcoin's Better Than Banks
True Bitcoin lovers already know this is true for many reasons, but the latest reason is that it may be more energy efficient than traditional banks.
A research report recently released by the mining company Galaxy Digital claims that Bitcoin consumers half the energy that the traditional banking or gold industries use. Researchers found that Bitcoin consumes 113.89 terawatt-hours (TWh) per year, while the banking industry consumes 263.72 TWh per year while gold uses 240.61 TWh.
Galaxy Digital also made a case for Bitcoin to solve some of the world's most egregious energy problems. Each year there is an average of 2,205 TWh of energy wasted that can be otherwise utilized by portable mining operations.
Check out Galaxy Digital's report for yourself here.