Bitcoin sets a new low for the month, and Buterin said 95% of cryptocurrency price forecasts is “bullshit”
Bitcoin price sets a new low for the month
For the first time since January, the BTC price fell below $9,000 — during the day the coin lost more than 4% of its price, and its average market price dropped to $8,560. Bitcoin was followed by other cryptocurrencies: Litecoin (−8.05%), EOS (−7.52%) and Ethereum Classic (−7.73%) shrank the most.
According to Coindesk analyst Omkar Godbow, bitcoin’s price has entered a long-term downtrend. The evidence for that is the head and shoulders reversal pattern, which has formed at the top of the cryptocurrency chart.
Vitalik Buterin: 95% of cryptocurrency price forecasts are “bullshit”
Vitalik Buterin, co-founder of the Ethereum project, said that almost all forecasts linking news with the movement of the cryptocurrency price are untrue.
“Your daily reminder that 95%+ of articles of the form “event X will make crypto go (up | down)” are post-hoc rationalized bullshit,” — Buterin tweeted.
He attached a photo of newspapers to the tweet, which shows two articles about the effect of coronavirus on the cost of BTC, but they have totally opposite conclusions. The businessman claimed the popular S2F model, according to which Bitcoin will rise in price to $100’000 in the coming years, belongs to these 95% of forecasts.
Binance CEO becomes the richest man in the crypto industry
Binance Exchange CEO Changpeng Zhao is called the richest person in the crypto business Institute for 2020 according to the Hurun Global Rich List. Zhao’s capital is estimated at $2.6 billion, which is twice as much as in 2019.
The Forbes list of the richest people in the world does not mention him, with mentioned, however, with this capital he could have taken the 950–1000th place in the ranking.
Mikri Zhang, Bitmain co-founder, was named the second richest person in the crypto industry, he is worth about $1.6 billion. Brian Armstrong, CEO of Coinbase exchange, and Chris Larsen, co-founder of Ripple, are in top-6.