Bitcoin (BTC) has risen almost 170% since the European Central Bank (ECB) warned of its impending “irrelevance.”
as I got it. Cryptocurrency advocate Eric Wall and others announced on December 4th that the price trend of Bitcoin was completely opposite to what economists expected.
ECB Bitcoin Myopia: “What else could be wrong?”
When the ECB made its announcement on November 30, 2022, Bitcoin was trading at just $16,400. blog post It was dedicated to his death.
The post came on the heels of the FTX implosion and subsequent market flight, claiming that even that level was a stopping point on the way to new lows.
“Bitcoin’s value peaked at $69,000 in November 2021 and fell to $17,000 by mid-June 2022. Since then, the value has fluctuated around $20,000.” said.
“For Bitcoin supporters, the seeming stabilization signals a breather on the way to new heights. But perhaps it is an artificially induced last gasp before the road to irrelevance. This is likely to be the case, and this was already foreseeable before the FTX collapse and the Bitcoin price dropping well below $16,000.
This “last gasp” initially lasted. Ironically, BTC/USD rose % on the day of the announcement before revisiting $16,400 in mid-December. Then, a rapid recovery saw a 70% increase in the first quarter of 2023 alone.
One year after the ECB’s untimely death, Bitcoin is at its highest price since April 2022, according to data from Cointelegraph Market Pro and Cointelegraph Market Pro – at the time of writing. That’s $3,800, or 166% higher than when the bank sounded the alarm. TradingView.
Philip Swift, creator of the statistics platform Look Into Bitcoin, also commented on this funny failure and joined Wall in feeling satisfied.
“You love to see it, don’t you?” he said. commented While reposting the chart by Wall on X (formerly Twitter).
Alex Thorne, head of corporate research at cryptocurrency education organization Galaxy, questioned the ECB’s ability to do so.
“This is really awesome,” he said. answered To the wall.
“If they’re so wrong about this, what else can they be wrong about?”
![](https://s3.cointelegraph.com/uploads/2023-12/d35baf4b-1246-4c02-88ac-6564a4318439.png)
“Yes” to CBDC, “No” to BTC
The ECB is known as a Bitcoin skeptic, often causing embarrassment when both the bank and its senior officials approach the market.
Related: Breakout or $40,000 Bull Trap?5 things you need to know about Bitcoin this week
Last month, ECB chief Christine Lagarde complained that her son had “ignored” her advice on investing in cryptocurrencies, resulting in losses.
“As you can see, I have a very low opinion of cryptocurrencies,” Lagarde said in a speech quoted by Reuters.
As reported by Cointelegraph, the ECB is currently preparing for the possible introduction of a central bank digital currency (CBDC), which Lagarde acknowledged could be useful for “controlling” transactions. CBDCs are facing intense scrutiny.
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