Bitcoin is tanking!
The crypto market is crashing before my eyes. Bitcoin hit a low of $34,000 earlier today. That is going to put almost every new crypto entrant upside down. Its not just Bitcoin. Ethereum is down to $2400 and most of the alt coins are also down crazy percentages. I wish I had money right now because this is probably the buying opportunity of a lifetime. The whole market is less than 2 trillion and you just have to ask yourself if you think digital currency and blockchain will be worth more than 2 trillion in the next 5 years. I say yes.
While the crypto market is taking, the one thing that isn't tanking is NFTs. NFTs have been trading ridiculous volumes and generated loads of Ethereum fees and burns. Bored Apes are up to 85 Eth and Crypto Punks are back up to a price floor of 66 Eth.
Last I checked Microstrategy's average entry price for Bitcoin is about $34,000. I wonder if they are able to buy more at this level or if they are getting margin calls. I think they used the increased collateral of Bitcoin to purchase more Bitcoin. They plan works great when Bitcoin goes up but I can see some potential flaws as Bitcoin goes down.