Bitcoin has witnessed a few incredibly volatile months or weeks. Its new year hasn’t really served it well. Although, the oldest cryptocurrency in the world has seen some extreme highs in incredibly short hours of the day. One of them includes what happened on Friday. Widely affected by Elon Musk adding a hashtag of the crypto on his personal Twitter bio, the prices hit a 20% hike in just 30 minutes. Those gains were swiftly dropped, regained, dropped, and has been riding the unsteady wave for the past couple of days ever since.
Here, Bitcoin resonates a little of what happened with GameStop that does not seize to top the headlines of global news for the past one week and counting. How is it all too similar? Well, if one only pays attention to that word enough, one will notice the social media battle of driving several investors to the firm. There is no doubt that at this rate, the prices are going to sky-rocket. The world’s biggest and oldest cryptocurrency may be near the end of its global domination if it only follows in the footsteps of GameStop.
The Shorting Of Bitcoin
Bitcoin is facing a “short” from several researchers as well as analysts. One such firm showed that the short was about $1 billion. Short is a common term in trading, which directly means the prices of a certain trading firm is about to go down. The shortcomings started way back in October last year. While this happens, several investors are not just investing in Bitcoin, but they are also eagerly investing in several other altcoins and stablecoins.
Unlike GameStop, which was already seeing a shutdown of several of its shops before the global pandemic, bitcoin analysts see a brighter future. Researchers are still predicting BTC to hit all-time highs, crossing amounts like $146,000 or $318,000.
