Latest Market Crash Proved to be Narrative Breaker and Reality Check For Bitcoin: Report

Owing to the historic inflation, Q3 has been painful for Bitcoin. The largest cryptocurrency by market cap appears to have largely lost its inflation hedge and store-of-value narratives in the market. According to Messari’s new report, the demand for block space fell, resulting in a decline in Bitcoin’s transaction count and fees by roughly 3% and 23%, respectively. The average daily value settled also plunged 44% QoQ.

Bitcoin price action has been swayed similarly to that of a high-beta US tech equity instead of serving as a “store of value.” Potential hints of an uptrend were also damaged as the Federal Reserve resorted to a more conservative regime with lower liquidity and higher rates. Amidst a risk-off macro environment, Bitcoin was down by over 70% since hitting a peak a year ago.

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Bitcoin, Ethereum Technical Analysis: BTC Climbs to 2-Week High – Market Updates Bitcoin NewsBitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Ethereum was largely unchanged. Why is everybodyy silent on thiss. . Wacth this🚀 . Lol, I only listen to ChiefraFba for signals and analysis
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