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Tesla CEO Elon Musk and Square CEO Jack Dorsey are expected to debate during the ‘B Word’ conference.
Bitcoin price has today fully recovered from yesterday’s bear market. According to Binance-backed Coinmarketcap, Bitcoin price was trading over $31k, up approximately 6.74% in the past 24-hours. Similarly, the entire altcoin market was led by Ethereum, BNB, and Dogecoin. The rise in Bitcoin price coincided with the ‘B Word’ conference organized by the Crypto Council for Innovation.
The Crypto Council for Innovation describes itself as “a global alliance of crypto industry leaders with a mission to demonstrate the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe.”
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Square Inc (NYSE: SQ) CEO Jack Dorsey are expected to debate during the conference. The Crypto Council for Innovation is comprised of notable crypto firms including Coinbase, Square, Fidelity, and VC firm Paradigm.
The cryptocurrency market has been trapped in a bear market since late March but has consolidated on a notable support level in the past few months. Consequently, a major breakout has been anticipated with notable crypto market analysts including PlanB and Peter Brandit calling for a long. However, some are for a dip towards $22k and then rebound to an all-time high. Ultimately, the market is expected to continue with the bull market after the mini-bear market is over. Meanwhile, the volatility could swing Bitcoin prices in any direction.
Bitcoin Price from Different Perspectives amid the B Word Event
From a technical point of view, a daily close above yesterday’s open could momentarily invalidate a bear breakout. Otherwise, the market could be headed on a major bull market bolstered by underlying fundamentals.
Most of the time, when the market is in a falling trend and trapped in a descending triangle, a major bull breakout is likely around the corner. However, the move could be invalidated should the bears continue pushing the crypto market down on the higher time frame.
Fundamentally, institutional investors are still seeking exposure to the crypto market. Furthermore, Tesla has not yet announced any sale of its Bitcoin holdings. This is despite the company earlier announcing cancellations of Bitcoin payments.
Ark Invest led by Catherine Wood has continued to double down its exposure to the crypto market through its Coinbase stock investment. In a recent research report, Ark Invest noted that some financial institutions are noted well informed on the Bitcoin market.
“Critics often point to bitcoin’s volatility as a “store-of-value deal-breaker.” Why would anyone want to store value in an asset with such dramatic swings in its day-to-day price? In our view, these critics do not understand why bitcoin is volatile and why its volatility is likely to diminish,” the firm noted.
The focus will be given on the ‘B Word’ conference and the key speakers including Musk and Dorsey. Their market perspective will shed light on how institutional investors view the cryptocurrency industry and its volatility.