Bears Find Positions Liquidated After B Word Conference – Return Of The Bulls?

The B Word Conference took place on 21st July 2021. The conference was established to debunk myths and “correct the mainstream narrative” around Bitcoin and promote its public use and institutional acceptance. Elon Musk, Jack Dorsey, and Cathie Wood spoke on a panel moderated by Steve Lee.

The event was hosted by the Crypto Council for Innovation and served its purpose. Several topics were discussed during the event and the key takeaways are as follows:

  • Despite environmental concerns related to mining, Musk expressed his support for cryptocurrencies in general. Bitcoin mining is moving towards using renewable energy and Tesla may accept Bitcoin for transactions in the near future.
  • Musk confirmed that he owns Bitcoin, Ethereum, and Dogecoin.
  • Musk said he might pump but does not dump.
  • Tesla and SpaceX own only Bitcoin – no other cryptocurrency.

Given how the world of cryptocurrencies largely revolves around the fear of missing out (FOMO), Musk’s assurances were all investors needed to hear. The crypto market has seen a considerable revival since.

Return of the Bulls?

The bulls are back indeed. Ethereum was trading under $1,800 before the conference and rose to nearly $2,000 ($1,990.97) by the end of the day. Bears who were holding short positions saw their positions liquidated after the conference, as both Bitcoin and Ethereum grew in price substantially – Ethereum grew over 12% on the day of the event and reached its highest price of the day ($2,025.68) right after Musk’s mention.

Ethereum and Bitcoin have experienced an upward surge since then and are currently trading at over $3,200 and $46,000 respectively – Bitcoin was trading under $30,000 before the day of the conference.

Ethereum’s London hard fork had a role to play in the crypto market revival later in August, as Ethereum was trading below $2,500 on 4th August in the lead up to the hard fork and reached the $2,800 mark on the day of the hard fork – 5th August. Crypto investors are optimistic after the B Word Conference and the promise of Ethereum 2.0.

Ever-increasing institutional investment and exploration, the potential large-scale introduction of CBDCs, and growing public acceptance should see popular cryptocurrencies scale at greater heights in months to come.

In my opinion, Bitcoin will end the year above $60,000 and Ethereum will rise above the $5,000 mark. Cryptocurrencies like LINK, IOTA, and MATIC are worth keeping an eye on. Ethereum will have a fantastic end to the year and is the cryptocurrency to invest in right now.

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