Barry Silbert Says He’s Buying Bitcoin
Digital Currency Group CEO Barry Silbert Believes Bitcoin Has Hit Bottom
Digital Currency Group CEO Barry Silbert has awakened the minds of cryptocurrency bulls by announcing that he is buying Bitcoin in a recent tweet†
Silbert believes the market has already reached “maximum pain”.
The crypto mogul has echoed MicroStrategy CEO Michael Saylor, who recently doubled his bullishness despite steep losses.
On Wednesday, the crypto fear and greed index, which is updated daily by alternative.me, hit 7, diving deeper into “extreme greed” territory.
As reported by U.Today, former BitMex CEO Arthur Hayes warned cryptocurrency investors about “a wild ride down” in a recent blog post. Hayes warned that the coming weekend would be crucial for the market amid a tug-of-war between bulls and bears.
Earlier today, Bitcoin plunged to an intraday low of $20,530, with bears trying hard to break below the crucial $20,000 support.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz predicted that it would take some time for Bitcoin to fully recover from its recent decline.
The largest cryptocurrency in the world has lost more than 70% of its value since November.
Concerns about the extremely aggressive monetary policy of the US Federal Reserve continue to put pressure on Bitcoin. The central bank is “acutely focused” on fighting inflation.
Novogratz has repeatedly stated that a bullish reversal could potentially occur if the Federal Reserve stops raising interest rates.
Veteran chartist Peter Brandt recently tweeted that Bitcoin could see a rally of relief if bears finally test its rock-solid support level.