Bitcoin gains 11%, and Mark Cuban says BTC and ETH can survive the crypto bubble
Bitcoin has grown by more than 11% in a day
According to data from Coinmarketcap, the main cryptocurrency is up 11.6% in the last 24 hours. The cost of bitcoin was $38,560 at the time of writing.
Over the past 6 days, the price of BTC has dropped from $42,000 to almost $30,000. But the fall in the coin’s value only spurred large institutional investors.
“Institutional buyers were buying up those tips, taking advantage of retail de-leveraging. You could see [dips] quickly bought up,” says Cambrian CEO Martin Green.
The NYDIG investment fund also noted that almost 90% of the orders placed by its clients lately were for the purchase of cryptocurrency.
“Our institutional client base saw the drawdown as a buying opportunity. During the drawdown, a full 89% of our client orders were to buy. We see that our client base, made up of institutions with very long-term time horizons, such as insurance companies, see pullbacks as a time to add to their positions,” NYDIG said.
Mark Cuban: BTC, ETH can survive crypto market crash
Entrepreneur and investor Mark Cuban believes that Bitcoin and Ethereum have a chance to survive the collapse of the cryptocurrency market. He wrote about it on his Twitter page.
“Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth , a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline, ”Cuban wrote.
However, not everyone is in solidarity with the businessman on this issue. According to Vitaly Kirpichev, Development Director of TradingView in Russia, BTC is not a bubble, because the crypto coin will exist even if the rate drops to $1.
“It was possible to talk about a bubble during the ICO boom in 2017, when projects with only a business plan behind them were estimated by the market at millions of dollars. As expected, many of them disappeared after the bubble burst. And bitcoin is not a project or an idea, it is a really existing and the most successful technology for transferring value to this day without the participation of state financial institutions,” Kirpichev said.