Cryptocurrencies

Bitcoin (BTC) on October 5, 2020

Bitcoin (BTC) is on the rise again after being shaken by the desertion of bitcoiners from BitMEX. The wounds from this bloody event for BTC have now half healed. Bitcoiners have been able to defend the 5 digits, as BTC markets have been rocked by many exogenous factors in recent days – KuCoin hack, fall of DOW and S&P 500, etc.

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Are you a rich “fool” or a poor smart?

The professor of applied economics at John Hopkins University, Steve hanke, deals with traders and investors BTC of fools, in his tweet today, October 5, 2020. Hanke refers to the study published by the Bank of Canada in August 2020.

Bitcoin btc fool bitcoiners

Source : Image via Twitter

In this study, investors with less financial knowledge in Bitcoin, are doubly inclined to invest their money in Bitcoin.

Investors with more financial knowledge pay more attention to Bitcoin but, avoid it.

In an article published by theAmerican Institute for Economic Research (AIER), the financial blogger J.P. Koning writes that the design of Bitcoin as a rebellion against a corrupt financial system, encourages more punters to bet on it.

Bitcoin would just be a bet that attracts casino players, lottery players and sports bettors, these people being supposed to have less financial knowledge.

The first scarring after the BitMEX hemorrhage

Data from Whalemap show 3 levels of support created by the clusters of whales btc and, which will have to be defended to allow Bitcoin to experience a further bullish rally in the short term.

These supports are found at the $ 10,407, $ 10,570, and $ 10,667 levels. Bitcoin is trading at $ 10,740 as of this writing.

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The BTC has recovered more than 2% since its fall following the announcement of the CFTC marking the beginning of legal woes for BitMEX. The BTC had then lost 4% of its value to land at the level of 10,500 USD.

Bloomberg’s Mike McGlone shares his $ 100,000 Bitcoin forecast in 2025 in his tweet today, so BTC would have to wait longer to hit 6 digits. The bulls manage for the moment to defend the 5 figures despite the storms. Continue to support a currency whose bills are distributed like Monopoly bills, rather than investing in deflationary crypto: let the smart people submit to the whims of the greenback.

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