{"id":546926,"date":"2023-08-11T21:00:18","date_gmt":"2023-08-11T21:00:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=546926"},"modified":"2024-06-11T08:13:25","modified_gmt":"2024-06-11T08:13:25","slug":"black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000\/","title":{"rendered":"Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000"},"content":{"rendered":"

Bitcoin seems on the verge of seeing downside volatility during today\u2019s trading session if bears can break current support. However, price action has been slow as all major narratives, including those from macroeconomic forces, have lost strength. <\/strong><\/p>\n

\n
Related Reading: Bitcoin Price Prediction 2024\/25: 4-Year Cycle And Elliot Wave Can Coexist<\/a><\/div>\n<\/div>\n

As of this writing, Bitcoin trades at $29,300 with sideways movement across the board. Low volatility has been suppressing BTC\u2019s price action, a status quo that could persist until macroeconomic forces come back into the picture in September.<\/p>\n

\"Bitcoin
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Nassim Taleb Lashes Out At Bitcoin Again<\/h2>\n

In the meantime, Bitcoin critics are using the drop in volatility, and trading volume, to support their arguments against the cryptocurrency. Wall Street operator, professor, and author Nassim Taleb stands among the latter.<\/p>\n

Via his X account, Taleb showed his almost 1 million followers the chart below pointing at the Bitcoin price and the decline in trading volume. Using the chart and the metric as a proxy to gauge Bitcoin adoption, Taleb stated<\/a>:<\/p>\n

When I said pple lost interest in bitcoin, it was based on this: BTC Volume is slowly disappearing, down >85% from the peak. As volume drops, manipulations become easier but, at some point, manipulators will need to exit. This is how Open Ponzis implode.<\/p><\/blockquote>\n

\"Bitcoin
BTC’s trading volume has been declining since 2020. Source: Nassim Taleb on X<\/strong><\/a><\/figcaption><\/figure>\n

The chart above shows BTC declining trading volume since 2020 when the cryptocurrency entered a rally that took it from a low of around $3,000 during a \u201cBlack Swan\u201d event, the COVID-19 pandemic, to an all-time high of $69,000.<\/p>\n

At that time, similar to today, BTC and the crypto market spend years in a \u201cCrypto Winter\u201d with declining prices. Once the sector rallied, many jumped in on the action swelling the trading volume to an all-time high.<\/p>\n

In that sense, Taleb seems to be hinting at a downside for the price of the cryptocurrency following a rise in price with low trading volume, which often leads to a decline.<\/p>\n

One crypto investor tried<\/a> to show Taleb a different version of the chart above, which goes back to 2014 when the cryptocurrency was trading just above $100. The user pointed out that BTC has seen periods of volatile volumes as the cryptocurrency became a mainstream asset.<\/p>\n

Related Reading: Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons<\/a><\/div>\n

However, Taleb dismissed the user with the following:<\/p>\n

Imbecile, if you knew how to read the chart you’d see only now a rise in price WITH DROP in volume.<\/p><\/blockquote>\n

The Black Swan author has been a Bitcoin critic, comparing the cryptocurrency with a \u201ccult\u201d and predicting that the sector will eventually \u201cfade.”<\/a><\/p>\n

Cover image on Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin seems on the verge of seeing downside volatility during today\u2019s trading session if bears can break current support. However, price action has been slow as all major narratives, including those from macroeconomic forces, have lost strength. Related Reading: Bitcoin Price Prediction 2024\/25: 4-Year Cycle And Elliot Wave Can Coexist As of this writing, Bitcoin trades at $29,300 with sideways movement across the board. Low volatility has been suppressing BTC\u2019s price action, a status quo that could persist until macroeconomic forces come back into the picture in September. Nassim Taleb Lashes Out At Bitcoin Again In the meantime, Bitcoin critics are using the drop in volatility, and trading volume, to support their arguments against the cryptocurrency. Wall Street operator, professor, and author Nassim Taleb stands among the latter. Via his X account, Taleb showed his almost 1 million followers the chart below pointing at the Bitcoin price and the decline in trading volume. Using the chart and the metric as a proxy to gauge Bitcoin adoption, Taleb stated: When I said pple lost interest in bitcoin, it was based on this: BTC Volume is slowly disappearing, down >85% from the peak. As volume drops, manipulations become easier but, at some point, manipulators will need to exit. This is how Open Ponzis implode. The chart above shows BTC declining trading volume since 2020 when the cryptocurrency entered a rally that took it from a low of around $3,000 during a \u201cBlack Swan\u201d event, the COVID-19 pandemic, to an all-time high of $69,000. At that time, similar to today, BTC and the crypto market spend years in a \u201cCrypto Winter\u201d with declining prices. Once the sector rallied, many jumped in on the action swelling the trading volume to an all-time high. In that sense, Taleb seems to be hinting at a downside for the price of the cryptocurrency following a rise in price with low trading volume, which often leads to a decline. One crypto investor tried to show Taleb a different version of the chart above, which goes back to 2014 when the cryptocurrency was trading just above $100. The user pointed out that BTC has seen periods of volatile volumes as the cryptocurrency became a mainstream asset. Related Reading: Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons However, Taleb dismissed the user with the following: Imbecile, if you knew how to read the chart you’d see only now a rise in price WITH DROP in volume. The Black Swan author has been a Bitcoin critic, comparing the cryptocurrency with a \u201ccult\u201d and predicting that the sector will eventually \u201cfade.” Cover image on Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":546929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-546926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBlack Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000<\/title>\n<meta name=\"description\" content=\"Bitcoin seems on the verge of seeing downside volatility during today\u2019s trading session if bears can break current support.\" \/>\n<meta name=\"robots\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000","url":"http:\/\/uniquehot.com\/news\/black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-2.jpg?fit=640%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-08-11T21:00:18Z","datePublished":"2023-08-11T21:00:18Z","dateModified":"2024-06-11T08:13:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/black-swan-author-warns-of-bitcoin-volume-slump-as-btc-fails-to-breach-30000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-2.jpg?fit=640%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-11T21:00:18Z\",\"datePublished\":\"2023-08-11T21:00:18Z\",\"dateModified\":\"2024-06-11T08:13:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-2.jpg?fit=640%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546926"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=546926"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/546929"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=546926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=546926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=546926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}