Bitcoin Perches Again at $20,000 USD Psychological Level

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Bitcoin Illustration | Pic by Google Images
Bitcoin Illustration | Pic by Google Images

In its continued run above and below the USD 20,000 threshold, bitcoin briefly suffered a series of small losses on Tuesday, July 5, 2022. However, it managed to bounce back and sit back above the psychologically important mark.

The largest cryptocurrency by market cap as of Wednesday (6/7/2022) was trading around USD 20,300, up about 2 percent over the past 24 hours. Investors view USD 20,000 support as a measure of the current bearish market's resilience.

Until now, the crypto market is still overshadowed by various negative sentiments ranging from economic uncertainty to problems that occur from within the crypto industry itself.

Arca's Chief Investment Officer Jeff Dorman recently raised a philosophical issue about crypto, asking whether bitcoin is really a store of wealth or just a store of excess wealth.

“Over the past decade, we haven't had to distinguish between the two, but with central banks stamping out inflation through negative wealth effects, we might find out soon enough. So far, the evidence is pretty damning that Bitcoin doesn't like financial tightening," said Dorman quoted from CoinDesk, Wednesday, July 6, 2022.

According to Dorman to this day, bitcoin may just be a store of excess wealth.

"So as long as you believe excess wealth will come back again, bitcoin might be a good option," said Dorman.

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