THE BOSTON BLOCKCHAIN BEAT EP.15 | Bitcoin expected to revisit $42,000?!

[Music] hello everyone my name is Lauren Wixom and welcome to another episode of the Boston blockchain beat where we share news of all things blockchain to the Boston community and Beyond this episode was brought to you by cubic Labs an incubator for Metro Boston's blockchain startup company iies now let's get on with today's news now I'm sure all you crypto investors out there have noticed your Investments have been well significantly affected to say the least as Bitcoin dropped below $50,000 analysts expect more outflows that would potentially Drive prices down to $42,000 cryptocurrency assets started seeing significant outflows last week Amit growing fears of a recession in the United States and geopolitical concerns according to a new report by the crypto investment firm coin shares the week of July 28th August 3rd saw digital asset investment products posting outflows for the first time in four weeks totaling $528 million according to the coin shares latest report coin shares noted that the latest crypto sell-off is believed to be a reaction to fears of a recession in the US geopolitical uncertainty and consequent broader Market liquidations across the majority of assets as the biggest cryptocurrency asset by market value Bitcoin LED last week's crypto outflows which totaled 400 million as coin shares analysis covered the weekly period from July July 28th to August 3rd it didn't include the latest sharp decline across multiple markets on August 4th and August 5th after losing the 69,000 support on July 29th Bitcoin continued to drop below 50,000 on August 5th reaching its lowest price Market since February 20124 following the market drop 290,000 Traders were liquidated in the past 24 hours with total liquidations netting 1.1 billion while industry Advocates like Joseph young suggested that the bottom is near some analysts were less optimistic about the potential bitcoin price moves 10x research CEO Marcus Tel stated in his latest market update although Bitcoin has been in a gradual downtrend marked by three tops and two bottoms we anticipate the support line at 55,000 will break potentially driving prices down to 42,000 well that's all the news I have for today folks thank you guys so much for watching and I can't wait to see you all in the next episode of the Boston blockchain beat