After the recent crypto crash you may be wondering, “should I buy bitcoin now”, or is it too late? This dip may present the best opportunity to buy bitcoin.
Should I Buy Bitcoin Now or Wait
The Bitcoin price is currently trading around $32k at the time of writing after a second consecutive slightly bullish day. The largest cryptocurrency by market capitalization is in a slight recovery phase after several losses that have recently been below $30k. Altcoins also posted some mixed gains as the market opened up a bit.
Major investors continue to increase their Bitcoin holdings below $30k. Other stats suggest that large buyers on Coinbase are continuing to hold onto the massive amounts they’ve accumulated at the end of 2020. More on that later.
Latest on LUNA 2.0
Binance and other crypto exchanges have announced the successful airdrop of LUNA 2.0 or simply LUNA. The tokens were credited to the accounts of existing LUNA holders as part of a comprehensive formula to help compensate affected investors. Old coins are now known as LUNA Classic (LUNC). However, despite these desperate efforts, the blockchain network continues to experience .
Russian Central Bank Looking to Approve Use of Bitcoin in International Trade
The Russian Central Bank has more or less agreed with the government’s stance on cryptocurrencies for trading purposes. The suggestion was made some time ago to allow Russian companies to conduct international trades with Bitcoin, but was postponed due to the central bank’s stance. The country is under pressure from heavy Western sanctions that make it appear to want to open new avenues for trade.
Buy Bitcoin? Open an account with Binance or Crypto.com
Cryptocurrency Regulations Gain Momentum
The UK government continues to implement new regulations to help investors deal with the risks and challenges of stablecoin. The Special Administration Regime for financial market infrastructure wants companies to pay the investors in the event of a UST-like collapse.
Major Coinbase investors are not in the mood to sell their Bitcoin, which they bought in the fall of 2020, at the current relatively low rates. According to stock exchange data, many of these customers are holding onto these accumulations even as the market has returned dangerously close to their own purchase price.
The Indian government is working with the IMF in developing a consistent regulatory regime for the digital currency sector. As such, the country’s Economic Commission is preparing a consultation paper on the sector and it will be sent to the IMF in the near future. The latter is likely to consider the feedback from all major countries before proposing some regulations for the sector.
Singapore government wants to explore tokenization of digital assets on public blockchain networks. Regulated financial organizations such as investment banks will act as trust anchors for this purpose.
Argentines Turning to Crypto Amid Fears of Hyperinflation
More and more Argentines are turning to crypto to provide much-needed relief in a state of near hyperinflation. The country has been confronted with astronomically high inflation rates for some time now and as a result more than a third of the population has slipped below the poverty line.
The pseudonymous Rayoshi has suspiciously decided to say goodbye to the Shiba Inu project. The founder of Shiba Inu has resigned from his position on the board of the cryptocurrency project and has also deleted previous tweets.
Bitcoin Price Rises to $32k
Bitcoin just crossed $32k after making some gains earlier in the day. The cryptocurrency is trying to recover somewhat from previous devastating losses. Some consider this period as the best opportunity to buy bitcoin in 2022 so far.
The past 24 hours started with the BTC price around $30.7k. It traded sideways for a very short time before starting to rise at 10:00 PM. It rose to around $31.5k and stayed around that value for most of the day despite some bullish pressure to lift it further. Finally, around 5:30 PM, the price started to rise again, this time managing to climb above $32k with ease.
Bitcoin is now undergoing a slight recovery at the hands of the bulls. While the price appears to be recovering and is now above the narrow trading range of $29k-$30k, the recovery is not yet teething. It remains to be seen how strong the bulls are and whether or not they are able to make a significant recovery.
Bitcoin’s total market cap was about $605 billion and its share of the crypto market was 46.9%.
Altcoins Post Mixed Profits
Other cryptocurrencies, in general, posted mixed gains as BTC embarked on a recovery move. Big winners were Cardano (ADA, 12.5%), Ripple (XRP, 3.5%), Near Protocol (NEAR, 5%) and Uniswap (UNI, 3.8%).
In other news…..
Major Crypto Investors Buy Bitcoin Near $30k
According to the latest market analysis, major investors continue to buy Bitcoin at relatively cheap prices below $30k as the market prepares to recover somewhat from it. Analytics at Coinbase also shows that digital currency investors, especially the major ones, have held onto their BTC holdings well, especially those who bought it towards the end of 2020.
This on-chain and in-exchange data shows that buyers are not as exhausted as previously thought. However, the bear market often has big buyers but even bigger sellers and that is what sustains the downtrend.
Should I Buy Bitcoin Now or Wait
The answer to whether you should buy bitcoin now or wait really depends on your objective. If you see value in bitcoin as a long-term store of value then buying bitcoin now is a no brainer. However, if you are a trader or a speculator you may want to do more research.
Buy Bitcoin? Open an account with Binance or Crypto.com
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