Summary
- Claims have been made that Bitcoin is supported by Tether, indicating a possibility of falling to $10,000.
- It was reported that Bitcoin's price plummeted due to Meitu's massive sell-off, leading to the liquidation of long positions.
- An analysis emerged that Bitcoin's momentary value drop of over 10% makes it unsuitable as a store of value.
Bitcoin (BTC), which surpassed $100,000, is claimed to experience a massive decline in the next bear market.
On the 5th (local time), Bitcoin, after surpassing $100,000, gave back its gains and is trading at around $97,000. On this day, Jacob King Whale Wire analyst stated, "Bitcoin is a huge trap supported by Tether (USDT)" and "Bitcoin is a time bomb that could easily drop below $10,000 in the next downturn."
He added, "A store of value is something that stores value. If its value drops more than 10% in 43 seconds, it can never be a means of storing value."
Meanwhile, Bitcoin momentarily plummeted, touching $90,500 during the day. This led to a massive liquidation of long positions. This sharp decline is understood to be due to the complete sale of Bitcoin by Meitu, a mobile app developer known as the Chinese version of MicroStrategy. Today, Meitu announced that they have sold all 948 Bitcoins they held, starting from last November.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
![Did it crash because of Trump?…The 'real reason' Bitcoin collapsed [Hankyung Koala]](https://media.bloomingbit.io/PROD/news/d8b4373a-6d9d-4fb9-8249-c3c80bbf2388.webp?w=250)
!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)