ESTNN recaps and breaks down the FNCS Season 6 Finals.
The third consecutive trios Fortnite Champion Series (FNCS) granted teams worldwide the chance to cement their legacies in Chapter 2 – Season 6. Epic Games solidified the three-player team format before 2021, allowing for more consistency across the board as competitors looked to readjust and establish themselves in their respective scenes. The anticipation and build-up led to this weekend, where 33 trios in seven server regions competed for a share of $3M USD, the Axe of Champions and a guaranteed spot in the FNCS Chapter 2 – Season 7 Finals.
Storylines materialized rapidly throughout the season. Teams like the defending European FNCS Champions — Hen “GUILD Hen” Mclean, Jannis “GUID JannisZ” Matwin and Moussa “Chapix” Faour — fought to reclaim what they earned in Season 5. Others such as Martin “100T MrSavage” Foss Andersen, Endre “NVD Endretta” Byre and Oscar “Falcon Refsgaard” Dalgas Refsgaard attempted to win their first FNCS title.
North American East (NA East) teams led by Malachi “ENDL8SS Reverse2k” Greiner and Evan “FaZe Cented” Barron set out to complete a season of hard work with a 12 match marathon. However, only seven teams would ultimately earn the title of “best Fortnite trio.” Day one set the stage for an exciting finish.
Europe – The High-Ground Kings Topple the Opposition
— LootBoy Queasy 🇷🇸 (@QueasyFN) May 30, 2021
The European region orchestrated an exciting finish to the season with only the best of the best atop the leaderboard. After leading on day one, MrSavage, Endretta and Refsgaard controlled the story with ultimate supremacy on the line. However, the high-ground dominance of Aleksa “LootBoy Queasy” Cvetkovic, Nikola “Glorious TruleX” Krudulj and Wave Jur3ky yielded them the Season 6 victory as staunch underdogs.
It was not easy; Queasy, TruleX and Jur3ky battled through adversity but found themselves in many advantageous positions. MrSavage and his teammates led until the final three-game stretch, where Queasy and company crept into first-place. A tournament-clinching seventh-place finish with three eliminations proved enough to ward off the storming Norwegians. Queasy’s team completed their FNCS title bid with 333 points, three Victory Royales and 53 eliminations. It was a storybook ending for a team no one gravitated to ahead of the finals.
While the top two jockeyed for position, two-time FNCS Champion Tai “GUILD TaySon” Starčič and Jérémy “Grizi 4zr” Dang and Nathan “nayte” Berquignol settled into third after an impressive run on day two. They usurped tournament favorites GUILD Flikk, GUILD Anas and GAMMA Th0masHD and grabbed the last automatic qualifier spot. The Season 5 Champions — Hen, JannisZ and chapix — struggled with spawn fights on day two and ultimately landed in eighth place.
- 1st: LootBoy Queasy44, Glоrious TruleX, Wave Jur3ky – 333 points – $300,000 / $100,000 each
- 2nd: Falcon Refsgaard, NVD Endretta, 100T MrSavage – 316 points – $210,000 / $70,000 each
- 3rd: Grizi 4zr, GUILD TaySon 7, nayte2199 – 284 points – $135,000 / $45,000 each
- 4th: GUILD Flikk, GUILD Аnas, GAMMA Th0masHD – 281 points – $120,000 / $40,000 each
- 5th: WAVE Hudinini, BL Noahreyli ӝ, rezonyache32 – 271 points – $105,000 / $35,000 each
- 6th: kiryachelfg, stormyritelfg, Gambit Toose – 259 points – $90,000 / $30,000 each
- 7th: MCES Andilex, Grizi Snayzy, xsweeze.mces – 240 points – $75,000 / $25,000 each
- 8th: GUILD HEN75, GUILD JannisZ, oogway 74 – 230 points – $60,000 / $20,000 each
- 9th: Heretics K1nzеll, apeks IDrop 7, wakie 7 – 228 points – $45,000 / $15,000 each
- 10th: zеykoo, BeGenius Sun, beGenius Jules – 224 points – $30,000 / $10,000 each
- 11th: AOS nebs, LootBoy bubаk, Devour WaiZ – 222 points – $15,000 / $5,000 each
- 12th: Solarу Floki, Homyno Clément, GO Decyptos – 219 points – $15,000 / $5,000 each
- 13th: RedRush 123, FL7 xsterioz, EV Mappi – 217 points – $15,000 / $5,000 each
- 14th: Wave Joe, stompyrite, LootBoy Shadоw – 215 points – $15,000 / $5,000 each
- 15th: CL Sаfik, Siberiajkeе, CL iRezUmi – 208 points – $15,000 / $5,000 each
NA East – Reverse2k, Deyy and Mero Become the Two-Time Champs
— ENDLESS Reverse2k (@Reverse2k) May 31, 2021
The NA East region refused to slow down and continued what has been perhaps the best Fortnite Champion Series event to date with a stellar conclusion. Josh “TSM Commandment” Roach, FaZe Cented and Benjamin “NRG Edgey” Peterson sat on the lead after six with full intentions of breaking their runner-up curse. However, the ENDL8SS trio of Reverse2k, Mero and Deyy snatched their second Axe of Champions in the last three seasons with a clutch final match.
History repeated itself as Reverse2k, Mero and Deyy put forth a performance of the ages with an unfathomable number of eliminations and consistent placement points. With echoes of Season 4, these three players did not even need a Victory Royale to win it all. Instead, 77 eliminations and an average placement of 8.17 proved enough to secure Reverse2k, Mero and Deyy another Axe of Champions and $150K USD to split. Reverse called his shot pre-tournament and delivered on his promises.
Commandment, Cented and Edgey finished in second place for the third straight FNCS. While it was an outstanding achievement, the three NA East powerhouses fell marginally short of their expectations. An untimely exit in the final match opened the door for the new champs to reign supreme. Nonetheless, Commandment, Cented and Edgey earned 361 points, including 55 eliminations and two Victory Royales. They’ll have another chance to break their runner-up curse in Chapter 2 – Season 7.
The leaderboard narrowed after first and second place, with four teams in striking distance of the ultra-important bronze position. It was Rocco “TrainH Saf” Morales, “Liquid STRETCH” and C9 Avery that finished second in the match 12 to take third overall. NA East did not disappoint whatsoever and there’s no telling what could occur next season. Here’s a look at the final leaderboard:
- 1st: ENDL8SS DEYYSIA, endless mero11, ENDLESS Reverse – 372 points – $150,000 / $50,000 each
- 2nd: TSM Cоmadon, FaZe Cented, NRG Edgey – 361 points – $105,000 / $35,000 each
- 3rd: TrainH saffy, Liquid ЅТRETCН, C9 Avery – 303 points – $69,000 / $23,000 each
- 4th: FS DEGEN, FS Αjerss, skqttles – 298 points – $60,000 / $20,000 each
- 5th: LG jamper 7, Threats 7, DT Rise – 297 points – $54,000 / $18,000 each
- 6th: FaZe Megga., Rocаine, FаZe Dubs ϟ – 295 points – $45,000 / $15,000 each
- 7th: BBG Bucke, ONE WITH PIECE, G2 MackWood – 260 points – $39,000 / $13,000 each
- 8th: SEN Aspect., XPRT Cazz, OA Whofishy – 249 points – $30,000 / $10,000 each
- 9th: C9 nosh, nut ay лол ӝ, TNG Chukky – 245 points – $24,000 / $8,000 each
- 10th: PaMstou, wCarey, Fаtch – 242 points – $15,000 / $5,000 each
- 11th: Nittle, FS casqer, G2 Smqcked – 234 points – $9,000 / $3,000 each
- 12th: XTRA Furiouѕ, Ghоst Blаke, XTRA Illest – 231 points – $9,000 / $3,000 each
- 13th: LG Slackes, 1P Acornski, G2 Jаhq – 209 points – $9,000 / $3,000 each
- 14th: elite gabeski, 9LIVES Tahi, sprite dabdabdab – 196 points – $9,000 / $3,000 each
- 15th: XSET Ceice, Liquid Scopеd, ENDLESS TRAGIX – 190 points – $9,000 / $3,000 each
Check back for the NA West recap!
Brazil – The K1nGs Claims Their Throne
XFIN GANE 1 DE TRIO pic.twitter.com/tBmg1ABUeH
— king (@k1nGOD) May 30, 2021
Fortnite World Cup phenom Thiago “FaZe K1nG” Lapp continued perhaps the most impressive individual run in FNCS history with another major victory. Alongside teammates VKS Seeyun and eRa Cadu, k1nG reached his eighth FNCS Final and claimed his second victory. Similarly significant, Cash and Seeyun earned their second consecutive Axe of Champions. K1nG, Seeyun and Cadu compiled 334 points over 12 matches, including two Victory Royales and a monumental 63 eliminations. It was a performance worthy of royalty, and now three kings sit atop the Brazilian region.
- 1st: eRa cadu, VКS Seeyun, faze kіng – 334 points – $75,000 / $25,000 each
- 2nd: SNG Frаns, SNG kitоz, jpsk1ng – 313 points – $48,000 / $16,000 each
- 3rd: ABT Persa, TRNL Ed, Hero Nicks – 306 points – $30,000 / $10,000 each
- 4th: rustyachelfg, Tecne 7ム, Æ fazeryache32 – 304 points – $24,000 / $8,000 each
- 5th: washington l2, ndр, VillaMix origins – 301 points – $21,000 / $7,000 each
- 6th: TCE dott1, LEISER xeat, TCE Scarpa – 261 points – $18,000 / $6,000 each
- 7th: FURY sнeco, FURY histtory, baghu – 259 points – $15,000 / $5,000 each
- 8th: TRIBE OPayson, SRN Phzin, gsx -s- 249 points – $12,000 / $4,000 each
- 9th: Liquid Pulga, Suetam ., BBC AG1RRE – 248 points – $9,000 / $3,000 each
- 10th: Frosтy7, SNG dıguera, моjаk – 229 points – $6,000 / $2,000 each
- 11th: DETONA Kayky, NEW Insaиo.com, NEW Loяd.com – 214 points – $3,000 / $1,000 each
- 12th: TCE collet, TCE wey, TCE ooguneves74 – 212 points – $3,000 / $1,000 each
- 13th: DEMONFISHYEY, Nahue507., Sanku Ackerman – 200 points – $3,000 / $1,000 each
- 14th: ABT pinatake, C9 blackoutz, ABT Pattaty – 199 points – $3,000 / $1,000 each
- 15th: pina ム, mɑster, EG Digai – 193 points – $3,000 / $1,000 each
Oceania – Muz, looter and Speedy Win Second Straight Title
Back to back FNCS Champs LETS GOOOOOOO!!!!! HERE WE COME NA ✈️
— TNA Muz (@MuzFN) May 30, 2021
The newly acquired Team New Age trio of Muz, looter and Speedy were too much for their Oceania opponents to contain. Despite trailing at the end of day one, the Season 5 Champions rallied back with some astounding stats. Their performance on day two included two Victory Royales and 46 eliminations, allowing them to reach an unfathomable 418 points. Muz, looter and Speedy collected another Axe of Champions and will venture to NA East to attempt the unthinkable; claim an FNCS title in a different region.
The three players split $22.5K and will represent Australia in arguably the second-most challenging scene. CLR Zedox, GLM sio and overt bathan finished runner-up after leading to end day one. Their tournament effort produced four Victory Royales. Oceania’s landscape will change significantly next season. The other top teams hope to claim the throne once the champions leave.
- 1st: TNA Muz, TNA looter, TNA Speedy – 418 points – $22,500 / $7,500 each
- 2nd: overt bathan, CLR Zedox, GLM sio – 345 points – $15,000 / $5,000 each
- 3rd: raptаh, Solace Pumpkin, Psyper – 336 points – $9,000 / $3,000 each
- 4th: JFT Prhzy, Vоrtexzr, GLM sunz – 310 points – $6,300 / $2,100 each
- 5th: GLM oreo, chainz onfroy, jft price – 300 points – $5,400 / $1,800 each
- 6th: repulseszn, HVT Eshz, JFT Raiku – 296 points – $4,500 / $1,500 each
- 7th: PWR Jynх, PWR alecc, PWR worthy – 268 points – $3,900 / $1,300 each
- 8th: x2 ルダン, Cоde x2Twins, egirl newbatoon – 251 points – $3,300 / $1,100 each
- 9th: Sоrif, volx, syncyfishy – 234 points – $2,700 / $900 each
- 10th: TM basil, HVT Forbes, Jace 75 – 233 points – $1,800 / $600 each
- 11th: PRDX Oatley, Fresh, agеnt REL_FN – 208 points – $900 / $300 each
- 12th: TM bluezie, Mako rip, VRTX Mania – 205 points – $900 / $300 each
- 13th: ronin FA, MG rahcks, Agеnt Jake – 195 points – $900 / $300 each
- 14th: Agent Thrusty, TM Jvano ӝ, MrTassie ӝ – 185 points – $900 / $300 each
- 15th: big glizzy synr, fаllеп, 6S gek – 180 points – $900 / $300 each
Asia – New Blood Atop the Ranks
FNCS GRAND FINAL 1st place ($36,000)
— KWZ Allen (@DaAllen_) May 30, 2021
The Asian region crowned a new trio of champions after 12 intense matches. KWZ Allen, shamokiy and CE Force, who qualified for the Season 6 Finals via Heat C, put together an exceptional effort to close out the tournament. They sat in first after the opening six matches and kept the train moving on the final day. Overall, Allen, shamokiy and Force reached 294 cumulative points, achieving two Victory Royales and a region-leading 53 eliminations. From heats to the winner’s circle, Allen, shamokiy and Force secured the Axe of Champions and grabbed a guaranteed seat in the Season 7 Finals.
- 1st: KWZ Allen, shamokiy, CE Force ӝ – 294 points – $36,000 / $12,000 each
- 2nd: CЕ 2SNgNl, CE fa1zzyy, CE Jozya – 279 points – $24,000 / $8,000 each
- 3rd: ragis w, Riddle Maufin 7, KUREN 王 – 270 points – $15,000 / $5,000 each
- 4th: еverlasting, Washed P1ay2r, x1now – 263 points – $12,000 / $4,000 each
- 5th: CR Qjac ӝ, CR Naetor 03, rehx cr – 234 points – $10,500 / $3,500 each
- 6th: CE Fortik, SVN pizdun, CE leyyner – 231 points – $9,000 / $3,000 each
- 7th: ce seakhram., Runa King 7, CREssway – 228 points – $7,500 / $2,500 each
- 8th: CR 飛びます瑠璃, CR_RizArt_LOG, Rid WildHawk ゆ機 – 228 points – $6,000 / $2,000 each
- 9th: крыса0_о, MRE Walver., CE ℤötαχ – 226 points – $4,500 / $1,500 each
- 10th: OWM まいぽり, OWM ぽて, 日本生まれジャパニーズ育ち – 225 points – $3,000 / $1,000 each
- 11th: adam the gamer., fiz the gamer, zuity the gamer – 211 points – $1,500 / $500 each
- 12th: CA.Naoyä, Vеrzide, STRONG HUMАN – 209 points – $1,500 / $500 each
- 13th: Dеаdman, CCC ALBA ぼっとだんご, ALBA Raifer – 205 points – $1,500 / $500 each
- 14th: alba rainyだゾ, nsr miyaだゾ, cr yuseаだゾ – 201 points – $1,500 / $500 each
- 15th: しゅんしゃんだ, LCF りる, yamathy – 199 points – $1,500 / $500 each
Middle East – Dexefite, I4xPRO and vagnaR Take Their Second Title
— Naif (@Dexefite) May 29, 2021
The always underrated Middle East region produced a two-time FNCS Champion as Season 4 winners vagnaR, KINGS I4XPRO and TU Dexefite experienced the best kind of deja vu. These three shined statistically in every category, especially eliminations, which they earned a mind-bending 71 across their 12-match stretch. Add on two Victory Royales and an average placement of 7.50, which is the recipe for success. Dexefite, vagnaR and I4XPRO have automatically qualified for next season’s FNCS Final, where they’ll look to retain the Axe of Champions.
- 1st: vagnarite, KINGS 0000000000, TU Dexefite – 376 points – $30,000 / $10,000 each
- 2nd: Falcon Snowkaz, Falcon Nm7yfishy, Falcon Rv – 330 points – $19,500 / $6,500 each
- 3rd: Falcon Modisk., Falcon Kai, Kings AbuFal7 – 303 points – $12,000 / $4,000 each
- 4th: Falcon 19yo, Falcon FHD, Falcon Yonx – 298 points – $9,000 / $3,000 each
- 5th: Falcon xSpeedy, SCYTES Heif, SAQR 7man – 276 points – $7,500 / $2,500 each
- 6th: scytes kuki, Falcon Anasilex, GXR Nylilex – 274 points- $6,600 / $2,200 each
- 7th: Hawk FHD, Sonic Dem0n, OshTekk Hero – 273 points – $5,400 / $1,800 each
- 8th: хJаm, SAQR Hellon, Deviluссi – 228 points – $4,800 / $1,600 each
- 9th: KINGS Kroolreyli, SAQR Njﱞby, Msgada1x – 224 points – $4,200 / $1,400 each
- 10th: map xo, LоFiHD, Arrow Sfa7ilex – 223 points – $2,400 / $800 each
- 11th: AQ Khalood, LND Ski, LND Ax3 – 222 points – $1,350 / $450 each
- 12th: Bnga, 01 KaKaRoT 19, YaLLa QwAy – 197 points – $1,350 / $450 each
- 13th: SAQR QnDx, SAQR Rapit, SAQR Unіt – 194 points – $1,350 / $450 each
- 14th: KINGS FKS, KINGS Metabziz, SAQR 506 – 193 points – $1,350 / $450 each
- 15th: Hawk Hulkskun, Astra Minas, HWR Smsom – 191 points – $1,350 / $450 each
How Archer Swap Has Helped End Ethereum’s Bidding War
Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.
Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.
Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.
In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.
The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.
The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.
After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.
Archer Swap Launches Campaign To Reward Traders
Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.
The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.
Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.
Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.
The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.
Extreme Fear In Crypto Market, Is It Time To Buy The Blood In Bitcoin?
The past week has been a brutal one for bitcoin and crypto in general. The market has taken hit after hit. So much so that it’s starting to seem like there is no end in sight. Coins have been falling at high percentages. It brings back a popular saying in the financial markets; “there’s blood in the streets.”
Investors have been reacting to this negatively. The Arcane Research Fear & Greed Index has moved back into extreme fear. Going down to the lowest it has ever been this year.
Fear & Greed Index down to 10 into extreme fear | Source: Fear & Greed Index on Arcane Research
The Index currently sits at 10 in extreme fear. This means that investors are scared to put their money in the market. With no more money going into the market, the prices will go down. And we will see even redder charts.
Time To Buy The Blood?
“Buy the dip” is a popular saying in the crypto space. People are encouraged to buy coins when there has been a massive downturn in the price. Quoting this as being the best time to get into the market. But what happens when a dip goes past just being a dip into full-blown bleeding?
With red charts and downward-facing arrows, the market looks like it is bleeding. With massive liquidations going on and not as much faith in the digital assets anymore, the crypto market valuation is down.
Related Reading | Will A Large Spike In Bullish Sentiment Translate To A Bitcoin Rally?
It is always best to buy assets when there is “blood in the streets.” People are wary of the market. Weak hands are pulling out, dragging the price down. And that is when the long-term hodlers come out to play.
There is never any definite way to tell where exactly the market will bottom out. But a good indication is when assets are down so much that people are scared to buy back in. A time where it seems like the coins will never recover and that is the best time to buy.
Is There A Market Recovery On The Horizon?
A trend in the market has usually been massive dips are followed by good recoveries. People buy assets that are down a significant amount in hopes that they will make a profit when it recovers.
Total market capitalization less than 50% ATH | Source: Total Market Cap on TradingView.com
With institutional investors still holding on to their bitcoins, it looks that they still have hope in the market.
MicroStrategy recently bought an additional $500 million worth of bitcoins to add to its growing portfolio. Goldman Sachs had ramped up its bitcoin trading activities by partnering up with Galaxy Capital. All good-faith moves in the market.
But with the hash rate hitting record lows and the number of bitcoin mined in a day dropping, it could be that the market is headed for a » Read more
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In that case, investors might be headed for a long waiting period. As the crypto » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear markets are notorious for being painfully long. Lasting years at a time.
But there is just as much of a chance for recovery as there is for a total » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market.
It will not be the first time that the market has pulled ahead after massive downturns. A lot of investors see the falling prices as a chance to buy back in. And more money goes back into the market, so does more faith return. Increasing the valuation of the assets.
Bitcoin has fallen below $30k. Less than half its all-time high. A crucial hold point for the asset.
Ethereum has fallen below $2k.
The total market valuation now sits at $1.21 trillion. Less than 50% from its highest market valuation of $2.4 trillion.
Featured image from Cointelegraph, Fear & Greed Index from Arcane Research, crypto chart from TradingView.com
Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000
Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.
Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.
Bear Market Trends
Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.
Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on TradingView.com
Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.
Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.
There Is Still Hope For Bitcoin
Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.
With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”
Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China
The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.
“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.
– Mike Novogratz, CEO of Galaxy Digital
Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.
Featured image from Forbes, chart from TradingView.com