© Reuters Bloomberg Article calling Bitcoin a fad is derided by Binance
- Binance shared a screenshot of a Bloomberg article about the crash and mocked it on Twitter (NYSE:).
- Binance had already mocked Bloomberg in 2018 for destroying BTC.
- The article in question discusses Bitcoin’s decline due to rising Fed hikes in the US.
Binance has shared a screenshot of Bloomberg’s latest article on the declining cryptocurrency market, calling Bitcoin a fad. The Twitter account of the most popular crypto exchange captioned the image, “Let’s keep this one for future reference as well” and poked fun at Bloomberg’s predictions.
Let’s keep these for future reference as well. https://t.co/gleIpSHlGq pic.twitter.com/IdymIjcbOJ
— CZ Binance (@cz_binance) September 19, 2022
This isn’t the first time Binance has done this. The “also” in the caption refers to another tweet from December 2018, when Bloomberg published an article about Bitcoin being a bubble. Binance’s Twitter shared this with a similar caption that read, “I’ll keep these for future reference.”
Earlier this year, however, Binance retweeted the post and highlighted how BTC hit $3,700 later that same month.
Bloomberg article disses Bitcoin as it falls 60% year-to-date against the USD. BTC could continue falling due to Fed hikes and increased interest rates in response to increased US inflation.
The article goes on to detail Bitcoin’s peak in November and its 73% decline since then, calling the digital asset less than ideal for wealth preservation, according to Bloomberg.
However, Bitcoin is not the only coin facing the challenges of the current macroeconomic conditions around the world. The market is also struggling to hold its $900 billion valuation. In addition, it also fell by 8%.
Ethereum’s fall in value comes after the merger, in which the validation mechanism for transactions on the Ethereum network was upgraded to reduce energy conversion.
Ethereum and Bitcoin have brought down most of the market, and as a result, many crypto exchanges are forcibly liquidating leveraged positions. Additionally, over 130,087 traders were affected, reaching a total liquidated amount of $431.51 million.
Post-Bloomberg article Calling Bitcoin A Fad Gets Mocked By Binance first appeared on Coin Edition.
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