The price of Bitcoin has gone down by 5% in the last day, with the price breaking at a point below $36,000. The largest cryptocurrency in the world still has a market cap that is up by 23% year-to-date- but it has not yet dispelled the fears of several traders over the imminent death cross. The death cross will indicate a movement from the bullish to a far more bearish price trend in the crypto sector.
Bitcoin Price And The ‘Death Cross’
To put it simply, the death-cross is understood as a cross of the moving average price of Bitcoin over 50 days when it goes below the moving average price of the company over 200 days. It has been reported that this event will take place over the weekend. Yet, quite a few analysts have remained bullish towards BTC relative to equities.
Mike McGlone, a commodity strategist working at Bloomberg Intelligence, has stated that when the tide of equity will pull back, one would expect BTC and gold to be the major beneficiaries in the market.
Several industry players of Bitcoin are itching to respond to comments made by Elon Musk regarding the environmental harm associated with BTC Mining. The players have been looking at different ways through which they can address the social, environmental, and governance issues that might prevent big institutional investors from truly accepting BTC.
One of the biggest enforcers in the market for this is Crypto.com- an app that has set a goal for the next one and a half years of becoming completely carbon negative. In its dealing with Bitcoin and other cryptocurrencies, One River Digital, an Asset Management firm filed for a BTC exchange-traded fund that would make transactions carbon neutral.
