Bitcoin Up 170% Since ECB Highlighted Its Irrelevance

The European Central Bank (ECB) warned that Bitcoin (BTC) would soon become "irrelevant." Since then, BTC has increased by nearly 170%.

The price movement of Bitcoin has completely defied economists' predictions, as noted by cryptocurrency advocate Eric Wall and others on December 4.

When the ECB released a blog post on November 30, 2022, it was trading at $16,400.

The post argued that even those levels were merely a pause before further lows, coming soon after the collapse of the FTX exchange and the ensuing flight of the markets.

“The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000" it said.

“For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights.

More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.”

This "last gasp" initially went on as planned. Ironically, BTC/USD gained on the day of publication. However, in mid-December, there was only one revisit of $16,400. Following that, a quick recovery saw a 70% increase in Q1 of 2023 alone.

Sources:

https://cointelegraph.com/news/bitcoin-up-170-since-ecb-last-gasp-16-4-k

https://twitter.com/ercwl/status/1731495203620479015

https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html