The decline in bitcoin prices was evident to Andreas Antonopoulos, one of Bitcoin’s biggest lecturers and educators, following the turmoil of financial markets. He mentioned this two months ago.
Antonopoulos claimed in a podcast “What to Do” on January 3rd, claiming the impact of a recession or similar event on Bitcoin:
What most people don’t realize is the possibility of a sharp fall in digital currencies. And the reason for the collapse is that many risky, institutional and individual funds, including low-value money, temporary earnings, and additional cash in the securities, will exit the industry.
The scenario predicted the crazy currency situation in the digital currency market in recent weeks. After some markets saw their worst year since the year 1987, bitcoin was traded at $ 3600, down 60% on some currency exchanges.
While many market analysts were trying to explain this phenomenon, Antonopoulos predicted this:
When people are scared or the economy is in recession, people withdraw their investments. And this withdrawal of money from the market also includes the digital currency market.
He noted that Bitcoin needed $18 million in daily purchases to maintain price equity in January:
From this point of view, I believe the first effect of the recession will be the fall of crypto, as all capital is pulled out of this market. It is a classic work and a sign of recession.
After that, bitcoin has the chance to emerge as a safe haven, but the relative difficulty of accessing and storing it for investors who are not technically familiar with the market can be an obstacle to maintaining price stability and acceptance.
All of this shows that we have a very small lifeboat. While many people want to board the boat to save themselves.
Bitcoin prices in the expay24 exchanger are currently $ 5300, down 6 percent from the previous day.
With ExPay 24 you can convert your bitcoins to PayPal. In addition to bitcoin, you can have the same conversion for other currencies such as Ethereum, Webmoney, and Tether. You can also convert different types of currencies.