Kiyosaki Says ‘Buy Bitcoin and Forget It’
Bitcoin’s price fell 3.8% on Saturday and Sunday, reaching a low for the day at $38,000. Since then, however, it has risen to about $39,000 in 24 hours, while Ethereum’s depreciation was 4.5%. Other top ten cryptocurrencies such as XRP and LUNA fell 2% and 6.8% respectively.
Total crypto market capitalization fell 3.8% to $1.71 trillion, according to CoinMarketCap. Bitcoin’s dominance index fell from 42.9% to 42.3% over the weekend.
Related literature | Bitcoin Drops Below $39,000 As Crypto Markets Tank This Weekend
Cryptocurrencies are not immune to politics and the increasingly tense situation between Russia, the European Union (EU) and the US. The BTC.COM pool has banned registration by Russian users, which may trigger the sale of Bitcoin due to the association. This alternative financial system supports EU/US sanctions against Moscow, while sometimes showing their initiative – Switzerland freezes assets if they fall under those restrictions.
Bitcoin failed to overcome the strong resistance around $45,000 and slowly attracted buyers as stock indices fell. The fighting in Ukraine could continue for another two weeks, likely to put all risky assets, including bitcoin, under pressure.
Bitcoin Started The Day On A Downtrend, Trading Below $38,000 | Source: graph of Tradingview.com
Kiyosaki Crypto Investment
Famed investor and writer Robert Kiyosaki has said the US is “destroying” its dollar and is calling for investing in gold. He also recommends bitcoin as a safe haven in times like these.
The founder of an investment company, SkyBridge Capital, is confident that bitcoin will reach $100,000 by 2024. He has invested about USD 1 billion in Bitcoins so far. There are even proposals to allow institutional traders to participate in this action through bills introduced by US senators from various parties.
The city of Lugano in Switzerland has recognized bitcoin and the leading stablecoin Tether (USDT) as legal tender. This means that people can use both cryptocurrencies to buy goods or services from companies within their borders.
With all the recent recoveries, it has been relatively stagnant from day to day. This may mean that there is none real momentum behind these moves at the moment or whether we can expect a leg again soon.
Related literature | Bitcoin Fails To Create Significant Demand Why The Price Could Fall To $20K
The bitcoin price is subject to any news that may affect the cryptocurrency market as a whole. This means that everything from economic fluctuations, policy changes, international conflicts or natural disasters can drastically change prices overnight.
The bears are still in control, but they may not have the strength to hold their grip on bitcoin for much longer. Following this trend, BTC is gearing up to backtest the monthly 21 EMA again, one analyst says. Since this cannot last forever, there could be a disruption that could cause the price of digital assets to crumble to the $20K-$24K level.
Featured image from Pixabay, chart from Tradingview.com