Bitcoin’s Wild Ride: Soars to 73k and Dips to 69k as Celebrities Like Drake Make Comeback

  • Bitcoin’s rollercoaster ride continues on its merry way, as investors push and pull over a realistic new consolidation point for the digital asset.
  • The coin settled at a little over USD $70K after falling (and re-gaining) over 5% in a matter of hours.
  • Meanwhile, musical icon Drake shared a Bitcoin meme of Michael Saylor on his Instagram, suggesting celebrities may be re-entering the cryptosphere.
  • Celebrity involvement in digital assets is often a sign of retail interest growing.

As far as cryptocurrencies go, Bitcoin is about as stable as you get. Which, of course, is not particularly stable. The last 48 hours have been something of a whirlwind for the crypto market, as investors scramble to decide on a suitable valuation for Bitcoin as it continues to surge to new heights. 

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Many in the community believe this current rally has a pitstop coming, as new institutional investors take profits from their ETFs and the world gears up for a post-halving supply shock. However, a significant portion of the market still believes that BTC has more to run before a protracted pullback, leading to the toing-and-froing in price that we see on a daily basis.

Ironically, Bitcoin’s price ended up being pretty stable around USD $70K (AUD $106), down barely 1% over the past day.

Bitcoin (BTC), 7-day graph, source: CoinMarketCap

Retail Returning? Drake May Be A Sign of Things to Come

One particular argument suggests that BTC still has a ways to go before even hitting a bull market, let alone a retraction, is that retail investors have mostly steered clear of the current rally. According to several social media metrics (e.g., YouTube views and Twitter engagement), hype for crypto is well behind its peak levels in 2021. This suggests that institutional investors in BTC are leading the current run, while retail are largely sitting on the sidelines.

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Retail typically starts to wake up when we see celebrities getting involved in the industry – for example, remember the ill-fated Larry David and Steph Curry advertisements for FTX? The first sign of a major icon returning occurred earlier this week, with rapper Drake sharing a video of BTC lover Michael Saylor making a funny remark.

Drake was originally a key player in the digital assets run through 20-22, and his re-entry may be the spark that other celebrities need to re-consider the crypto market.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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