Renowned scholar likens BTC's trajectory to Ponzi scheme implosion
Factors like an enduring"crypto winter" and a slew of lawsuits filed by the Securities and Exchange Commission could further challenge the industry.
Adding to the apprehension is the current stability, or rather the lack of volatility, in Bitcoin's price. Glassnode, an on-chain market analysis firm, highlighted the ongoing"extreme volatility compression" on the market. Moreover, as of Aug. 11, Bitcoin's price lingers below the crucial $30,000 mark, a level that had long served as a support barrier.
Mike Crosbie, CEO of digital asset exchange Blackfridge, noted that Bitcoin was holding precariously just below the significant $30,000 mark. He Barron's that there was still a possibility for Bitcoin to attempt an upward break of this level, but that chance diminishes with each passing day.
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