{"id":4039,"date":"2022-05-10T20:30:46","date_gmt":"2022-05-10T20:30:46","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=4039"},"modified":"2022-05-10T20:30:48","modified_gmt":"2022-05-10T20:30:48","slug":"cynics-dominate-comments-section-of-bbc-bitcoin-crash-report","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4039","title":{"rendered":"Cynics dominate comments section of BBC Bitcoin crash report"},"content":{"rendered":"<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 = \"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><br \/>\n<\/p>\n<p>The BBC published an article titled, \u2018Bitcoin value drops by 50% since November peak,\u2019 on May 10. It gave a balanced account of the current state of affairs. The key takeaway was a strong positive correlation with stocks, which also sank.<\/p>\n<p>However, analysis of the comments section showed most readers have a strong aversion to Bitcoin. The most upvoted comment stated BTC is not an investment; instead, it is \u2018pure speculation,\u2019 and harms the environment.<\/p>\n<p>\u201cBitcoin is not an investment, it\u2019s pure speculation, and it\u2019s awful for the environment due to how it\u2019s \u201cmined\u201d. Not to mention its contribution towards the global shortage of GPUs.\u201d<\/p>\n<h2>Bitcoin bounce on $30,000 support<\/h2>\n<p>Bitcoin bears dominated on Monday, triggering a 12% swing to the downside before bouncing off support at $30,000. Today, the bulls are fighting back, having driven the price up to $32,600.<\/p>\n<p>Monday\u2019s sell-off was the latest in a broader seven-month downtrend from early November 2021\u2019s all-time high of $69,000. The chart below shows there have been the initial suggestions of a return to form. But, any hint of that has vanished following an acceleration of the downtrend from April onwards.<\/p>\n<p>Source: BTCUSDT on TradingView.com<\/p>\n<p>Behind this is a global monetary tightening led by central banks, causing investors to flee from risk-on assets, including Bitcoin. Joe DiPasquale, the CEO of cryptocurrency hedge fund BitBull Capital said:<\/p>\n<p>\u201cThe monetary policy tightening is causing investors to reduce their exposure to risk assets and BTC\u2019s current correlation to the S&amp;P 500 has led it to also drop today,\u201d<\/p>\n<p>As the macroeconomic environment worsens, the expectation is that central banks will continue with hawkish policies, spelling further trouble for the price of cryptocurrencies.<\/p>\n<h2>Naysayers out in force<\/h2>\n<p>Following the BBC\u2019s report on Bitcoin\u2019s price collapse, commenters did not hold back in voicing their opinions on the leading cryptocurrency.<\/p>\n<p>As determined by the ratio of upvotes to downvotes, the most popular comments showed a robust anti-Bitcoin sentiment among the BBC\u2019s readership.<\/p>\n<p>Consistent themes include Bitcoin being speculative, negative environmental impact, talk of it being a get-rich-quick scam, and its association with criminality.<\/p>\n<p>\u201cOH NO! My energy-based pyramid scheme :'(\u201c<\/p>\n<p>Based on this, it\u2019s clear that ordinary everyday people have yet to be convinced of the merits of holding Bitcoin. However, it remains the case that cryptocurrency and blockchain are not going away soon.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><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:\/\/cryptoslate.com\/cynics-dominate-comments-section-of-bbc-bitcoin-crash-report\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BBC published an article titled, \u2018Bitcoin value drops by 50% since November peak,\u2019 on May 10. It gave a balanced account of the current state of affairs. The key takeaway was a strong positive correlation with stocks, which also sank. However, analysis of the comments section showed most readers have a strong aversion to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4039","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=4039"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4039\/revisions"}],"predecessor-version":[{"id":4041,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4039\/revisions\/4041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4040"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}