Bitcoin bounces at $30k support to allay fears of a complete capitulation. Nonetheless, the 30% drop from last Friday’s high was a real wake-up call for investors.
More so for the over-leveraged longs who, to their detriment, chose to ignore the warning signs.
As much as recent weeks have been a boon for hodlers, yesterday’s dip showed just how unforgiving Bitcoin can be.
While the extreme volatility gave incentive for diehard skeptics to attack, the overall narrative that Bitcoin is a legitimate investment remains intact.
After all, only the most blinkered can deny the significance of Bitcoin’s 330% growth over the last 12 months. Or the fact that it was the best-performing asset of the outgoing decade, and by a significant margin too.
Data compiled by the Founder and CEO of Compound Capital Advisors, Charlie Biello, shows, BTC had cumulative growth of close to 1,000,000% over the last ten years. A staggering rate in anyone’s books.
Over the same period, as the second-best…
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