A Rollercoaster Night for Bitcoin
In what can only be described as a wild overnight escapade, Bitcoin (BTC) took a notable dive of $2,000 on March 11. This sudden plummet primarily stemmed from Oracle’s swift denial of rumors suggesting the tech giant had made a purchase of 72,000 BTC. As a result, Bitcoin’s value fluctuated, regaining footing at approximately $55,000 after nearly reaching local highs of $57,000.
The Rise and Fall of Bitcoin Prices
The day prior had actually brought positive momentum across the crypto landscape, as hopeful bulls anticipated another march toward Bitcoin’s all-time peak of $58,300. The optimism saw them readily breaking through persistent resistance levels. However, the winds shifted dramatically when Oracle’s anticipated announcement of crypto involvement failed to materialize.
Oracle: The Tech Giant’s Unrevealed Plans
Speculation regarding Oracle’s intentions began circulating in February, suggesting a substantial Bitcoin acquisition akin to moves made by Grayscale and MicroStrategy. Despite the excitement, Wednesday’s earnings call wasn’t as revealing as many had hoped. Instead of confirming the Bitcoin rumors, Oracle co-founder Larry Ellison left the audience with more questions, hinting at promising growth in database technologies without touching on cryptocurrencies.
Market Reactions and Analyst Insights
As Bitcoin continued its downward trajectory, shedding about 2% in just an hour, experts and enthusiasts alike displayed a surprising calm. Entrepreneur Jeff Booth, lingering on the market’s ups and downs, remarked, “For those caught in the day-to-day pricing of Bitcoin, it is a long journey. The fact that Oracle hasn’t bought ‘yet’ is very bullish and signaling how early in the process we are.” This perspective offers a glimmer of hope amid the sea of numbers.
Looking Ahead: Amazon’s Market Cap as the Next Target
For those wishing to gaze beyond the immediate fluctuations, analysts are keeping their eyes squarely on long-term prospects. Notably, Bloomberg Intelligence’s Mike McGlone reasoned that Bitcoin’s recent slowdown at the $1 trillion market cap is merely a ‘back-and-fill process.’ He expressed optimism, indicating that once this consolidation phase is complete, Bitcoin might aim to eclipse Amazon’s market cap. McGlone tweeted, “Once Bitcoin’s back-and-fill process around the $1 trillion market cap is complete, we see internet pioneer Amazon.com as a potential next threshold.” This isn’t just wishful thinking; after all, Bitcoin has surged dramatically before, recalling triumphs from the leaps of 2017.
