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BREAKING: Bitcoin Investors Show Stunning Gullibility, Glassnode Calls It ‘Confidence’!

An illustration of a bitcoin price chart with a green arrow rising above $61,900 and staying below $63,900, while in the background a crowd of people are shown jumping into a pool labeled 'Market', some wearing life jackets marked 'Cautious'.

The eternal optimists of cryptocurrency are at it again! New investors showing confidence? Please, they’re just drinking the Kool-Aid and waiting for their get-rich-quick scheme to pay off. A market recovery that’s only notable because we’ve hit a new low (literally) is hardly something to be excited about. And let’s not forget, this ‘recovery’ has been fueled by yet another interest rate cut from the Federal Reserve – just what we need, more money printing and inflation! Meanwhile, Glassnode tries to spin it as some kind of positive development that new investors are showing resilience… resilient in their ignorance perhaps? The market is still a mess, with capital inflows slowing down after that all-time high back in March 2024. And let’s not forget the perpetual futures market – cautious optimism indeed! It sounds like they’re just trying to sugarcoat the fact that nobody actually knows what’s going on and we’re all just winging it here.

Source: bitcoin.com

In a report by Glassnode and researchers Cryptovizart and Ukuria OC, bitcoin has reclaimed a key short-term cost basis after the Federal Reserve’s recent interest rate cut. This recovery signals the potential for further price momentum, although broader market conditions remain cautious. According to Glassnode, bitcoin’s price has risen above the short-term holder cost basis of $61,900 following the Federal Reserve’s 0.5% interest rate cut. The onchain analysis says this […]

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