{"id":14347,"date":"2023-12-06T11:16:33","date_gmt":"2023-12-06T11:16:33","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14347"},"modified":"2023-12-06T11:16:35","modified_gmt":"2023-12-06T11:16:35","slug":"bitcoin-is-up-170-since-the-ecb-called-its-last-gasp-at-16-4k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14347","title":{"rendered":"Bitcoin is up 170% since the ECB called its \u2018last gasp\u2019 at $16.4K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) has gained almost 170% since the European Central Bank (ECB) warned of its impending \u201cirrelevance.\u201d<\/p>\n<p>As noted by crypto proponent Eric Wall and others on Dec. 4, BTC price action has done the complete opposite of economists\u2019 predictions.<\/p>\n<h2>ECB Bitcoin myopia: \u201cWhat else are they wrong about?\u201d<\/h2>\n<p>Bitcoin traded at just $16,400 when, on Nov. 30, 2022, the ECB published a blog post dedicated to its death.<\/p>\n<p>Coming just after the implosion of the FTX exchange and subsequent market flight, the post argued that even those levels were a stopping point on the way to new lows.<\/p>\n<p>\u201cThe value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000,\u201d it stated.<\/p>\n<p>\u201cFor bitcoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance \u2013 and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.\u201d<\/p>\n<p>This \u201clast gasp\u201d initially continued to play out. After ironically gaining on the day of publication, BTC\/USD then saw one revisit of $16,400 in mid-December. After that, a swift comeback saw it add 70% in Q1, 2023 alone.<\/p>\n<p>A year after the ECB\u2019s premature obituary, Bitcoin is at its highest since April 2022, sitting at $43,800 at the time of writing, or 166% higher than when the bank sounded the alarm, per data from\u00a0Cointelegraph Markets Pro and TradingView.<\/p>\n<p>Commenting on the amusing blunder, Philip Swift, creator of the statistics platform Look Into Bitcoin, joined Wall in feeling a sense of satisfaction.<\/p>\n<p>\u201cYou love to see it,\u201d he commented while reposting a chart by Wall on X (formerly Twitter).<\/p>\n<p>Alex Thorn, head of firmwide research at crypto education resource Galaxy, queried the ECB\u2019s prowess.<\/p>\n<p>\u201cThis really is as good as it gets,\u201d he replied to Wall.<\/p>\n<p>\u201cIf they\u2019re this wrong about this, what else are they wrong about?\u201d<em>BTC\/EUR 1-week chart. Source: TradingView<\/em><\/p>\n<h2>\u201cYes\u201d to CBDC, \u201cno\u201d to BTC<\/h2>\n<p>The ECB is known as a Bitcoin skeptic, with takes on the market by the bank and its senior officials often inducing embarrassment. <\/p>\n<p><strong><em>Related:\u00a0Breakout or $40K bull trap? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Last month, ECB Chief Christine Lagarde complained that her son had ignored her advice on investing in crypto and lost money as a result.<\/p>\n<p>\u201cI have, as you can tell, a very low opinion of cryptos,\u201d Lagarde said at a speaking engagement quoted by Reuters.<\/p>\n<p>As Cointelegraph reported, the ECB is currently preparing for the possible rollout of a central bank digital currency, or CBDC, which has faced intense scrutiny after Lagarde admitted its utility for transaction \u201ccontrol.\u201d<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-up-170-since-ecb-last-gasp-16-4-k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has gained almost 170% since the European Central Bank (ECB) warned of its impending \u201cirrelevance.\u201d As noted by crypto proponent Eric Wall and others on Dec. 4, BTC price action has done the complete opposite of economists\u2019 predictions. ECB Bitcoin myopia: \u201cWhat else are they wrong about?\u201d Bitcoin traded at just $16,400 when, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14347"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14347\/revisions"}],"predecessor-version":[{"id":14349,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14347\/revisions\/14349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14348"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}