Cynics dominate comments section of BBC Bitcoin crash report

The BBC published an nonfiction titled, ‘Bitcoin worth drops by 50% since November peak,’ connected May 10. It gave a balanced relationship of the existent authorities of affairs. The cardinal takeaway was a beardown affirmative correlation with stocks, which besides sank.

However, investigation of the comments conception showed astir readers person a beardown aversion to Bitcoin. The astir upvoted remark stated BTC is not an investment; instead, it is ‘pure speculation,’ and harms the environment.

“Bitcoin is not an investment, it’s axenic speculation, and it’s atrocious for the situation owed to however it’s “mined”. Not to notation its publication towards the planetary shortage of GPUs.”

Bitcoin bounce connected $30,000 support

Bitcoin bears dominated connected Monday, triggering a 12% plaything to the downside earlier bouncing disconnected enactment astatine $30,000. Today, the bulls are warring back, having driven the terms up to $32,600.

Monday’s sell-off was the latest successful a broader seven-month downtrend from aboriginal November 2021’s all-time precocious of $69,000. The illustration beneath shows determination person been the archetypal suggestions of a instrumentality to form. But, immoderate hint of that has vanished pursuing an acceleration of the downtrend from April onwards.

Source: BTCUSDT connected TradingView.com

Behind this is simply a planetary monetary tightening led by cardinal banks, causing investors to fly from risk-on assets, including Bitcoin. Joe DiPasquale, the CEO of cryptocurrency hedge money BitBull Capital said:

“The monetary argumentation tightening is causing investors to trim their vulnerability to hazard assets and BTC’s existent correlation to the S&P 500 has led it to besides driblet today,”

As the macroeconomic situation worsens, the anticipation is that cardinal banks volition proceed with hawkish policies, spelling further occupation for the terms of cryptocurrencies.

Naysayers retired successful force

Following the BBC’s report connected Bitcoin’s terms collapse, commenters did not clasp backmost successful voicing their opinions connected the starring cryptocurrency.

As determined by the ratio of upvotes to downvotes, the astir fashionable comments showed a robust anti-Bitcoin sentiment among the BBC’s readership.

Consistent themes see Bitcoin being speculative, antagonistic biology impact, speech of it being a get-rich-quick scam, and its relation with criminality.

“OH NO! My energy-based pyramid strategy :'(“

Based connected this, it’s wide that mean mundane radical person yet to beryllium convinced of the merits of holding Bitcoin. However, it remains the lawsuit that cryptocurrency and blockchain are not going distant soon.