Glancing at Bitcoin’s price performance over the past week, punctuated by a 50 percent decline on the days Mar. 12 and 13, it’s easy to say that “crypto is dead.”
Case in point: Peter Brandt, a long-time commodities trader that once said BTC could hit $50,000 and beyond, recently argued that if he looks at the asset’s chart “without bias,” he sees a feasible decline to sub-$1,000 prices. He even went as far as to say that once Bitcoin fell under $7,500, he placed all his “bets on zero.”
All along I have stated my belief that there was a 50% chance BTC was going to $100,000 and a 50% chance it would go to $0, or literally zero. Once we broke through 7500 I place my bets on zero.
— Peter Brandt (@PeterLBrandt) March 13, 2020
Fortunately, this seems to be anything but the case, with a single news event proving that cryptocurrencies are more alive than ever before.
Related: Peter Brandt: Bitcoin enters its “fourth parabolic phase,” taking aim at $100,000
Crypto is anything but dead; Bakkt proved that on Monday
Bakkt is undoubtedly one of the most hyped companies in the crypto industry; the infrastructure startup, best known for its Bitcoin futures that are physically deliverable as opposed to cash-settled, was lauded in 2018/early-2019’s bear market as the most likely harbinger of another Bitcoin bull run.
While this didn’t happen — the day Bakkt launched actually saw BTC fall nearly 20 percent — the upstart continues to prove there remains institutional interest in cryptocurrencies in trying times, just as it did in the last bear market.