Is Bitcoin Peaking?
Bitcoin, for lack of a better description, is fragile.
Yes, it soared, crushed expectations to post a new all-time high of over $64k in April.
The surge also came out of the blues. Traders didn’t expect this snap above $60k. But fast-forward to the tepid Bitcoin price action of early May, there are tell-tale signs of weakness.
And the fragility has been traced to a shocking discovery.
For the first time in years, institutions–the primary drivers of the recent explosion–are tightening their purses and skipping Bitcoin.
BREAKING: Institutional investments into #Bitcoin has gone negative for the first time in years.
— Mr. Whale (@CryptoWhale) May 12, 2021
Some like Tesla, as public records revealed, sold a portion of their $1.5 billion investment for tidy profits. Rumors indicate that MicroStrategy might also exit their longs.
Coinciding with these rumors are Bitcoin prices that failed to steady above $57k. There could be hopes for retailers. However, if MicroStrategy—whose CEO is a prominent Bitcoin evangelist, pulls out, it could mark the end of this Bitcoin rally.
Ethereum Gas at Painful levels
Just when Ethereum proponents expect a moon sling, network users want the nightmare to end.
Gas stands at painful levels.
#ethereum gas fees back to extreme pain zone again!
— Lark Davis (@TheCryptoLark) May 11, 2021
At over $60 to post a single transaction, using Ethereum defeats its primary purpose. The platform is more expensive than the most costly centralized payment network.
Nonetheless, work is in progress to bring down gas to sustainable levels back to sub $5—if possible. One way of making this a reality is Layer-2 adoption and later Sharding once Eth2 goes live.
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