Introduction:
The recent events in the cryptocurrency market, specifically the large number of Bitcoin Leveraged Position liquidations, which occurred yesterday, on chain analysis shows thousands of Bitcoin were lost by leveraged investors, in what some are saying is the second largest Bitcoin Liquidation in Bitcoin history.
Over Leveraged Investors lose..again.
Not surprisingly, in a tale as old as time, Bitcoin investors leveraged at 5x or 10x leverage were liquidated by the recent 12.5% drop in the Bitcoin price. This historic amount of liquidations led to a large amount of Bitcoin being sold, with a resultant further drop in price.
And in another tale as old as time, a large investor, in this case Blackrock was waiting on the sidelines with cash and bought a reported 2 billion dollars in Bitcoin at discounted prices. In a historical sense, if you have been in cryptocurrency for 5-6 years, this is nothing new. bitcoin is a volatile asset, which makes money for those who buy and hold for the longterm, but can lose money for those who buy in leveraged positions, or those who don't have the resolve to hold thorugh the volatility.
Reports of Bitcoin's Death..again
Lastly, media outlets were once again reporting that this latest Botcoin drop and huge amount of leveraged positioned liquidations were the final nails in the Bitcoin coffin.
Humerously speaking, if I had a Bitcoin for everytime the news media announced Bitcoin's death, I would own about ten Bitcoin. If you believe the news media, Bitcoin has more lives then a Cat with nine lives. I don't own ten Bitcoin and I don't think Bitcoin is dead. I am sure BlackRock wouldn't be buying 2 billion dollars USD worth of a dead or dying asset. Bitcoin is very much alive, and I expect it will stay that way.
Bitcoin Phoenix
In fact I expect Bitcoin price to rise like a Phoenix, from the ashes and reach new heights in the future. 
Bitcoin will rise like a Phoenix
Posted Using LeoFinance Alpha
