Bitcoin In ‘Historic Buy Range’ For 2023, Dogecoin Dog Recovers And South Park Mocks FTX Collapse

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Last Updated on 6 November 2023 by CryptoTips.eu

Ryan Selkis, the founder and CEO of the cryptocurrency intelligence service Messari, said earlier this week that Bitcoin’s chart for the past few years means that it is entering 2023 in a ‘historic buy range’.

Although you would expect crypto intelligence service company CEOs to be rather bullish and talk up their own book, Selkis also explained why.

Advertentie.

MVRV

Messari calculate crypto coins in terms of Market Value to Realized Value (MVRV), which is an indicator that currently implies that investors are in the early stages of a long-term accumulation phase. In other words, it is showing that Bitcoin has bottomed out and will make a new trend upward as soon as global stock markets bottom out as well.

Ryan said:

Bitcoin is in a historic ‘buy’ range in terms of MVRV – only seen three times in the past decade: January 2015, December 2018, and March 2020. Where are we now? January 2015. December 2018. i.e., Sell-a-kidney-to-buy-more territory.

Federal Reserve

Not everyone agrees with Ryan though. Yuya Hasegawa, analyst at crypto exchange Bitbank, claims that the Federal Reserve’s actions in 2023 will continue to stifle Bitcoin’s price. He stated:

I am not seeing that that struggle will trigger a panic or crash in the market, but it will continue to deter risk sentiment in the market that has already been suffering from trust issues due to the series of shocks that happened this year.

Hasegawa said, noting that both the demise of Terra and FTX have weighed on crypto traders for months already.

The great crypto winter of 2022 will continue throughout the first half of 2023 and Bitcoin will likely fluctuate without clear directions.

Said Hasegawa.

Kabuso doing better

Lastly there is some positive news to report as to the health status of Kabuso, the original Dogecoin dog. As we said earlier this week, Kabuso had been taken ill on Christmas Eve and given his old age many feared the worst.

Since a day or so, he’s been doing much better, so I guess we’ll see him in 2023 as well.

Deeply sorry

A video in which Sam Bankman-Fried is seen apologizing multiple times for the FTX bankruptcy is causing an internet storm.

YouTube video

The short film, clearly inspired by South Park’s hilarious parody of the BP oil spill CEO apology video, sees Sam Bankman-Fried explain his ponzi scheme and then apologizing for it.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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