Let’s admit it, we are in Feb 2020 and Bitcoin has really not put up any type of spectacular show this year. This however does not mean that, crypto analysts have slowed down their predictions and guesses regarding the price of BTC. While this is perfectly okay, what is strange is the attempt by analysts to relate Bitcoin prices to current events and happenings.
Two examples that come to mind, relate to the attempt to link Bitcoin prices to the price of gold and even more interestingly, linking the price of the crypto to the coronavirus. The idea seems to be to link the issue of Bitcoin price, to anything that is current and attention grabbing.
It was towards the 3rd or 4th week of Jan 2020 that, gold prices registered an appreciation. As an unrelated event, we saw the price of BTC move up too. A number of self-styled crypto gurus, were quick to conclude that Bitcoin prices were moving up in response to a rise in the price of gold. Things took an interesting twist a couple of weeks later.
It wasn’t long before the price of gold slipped down and settled at the previous level. The twist came when Bitcoin prices remained in a positive mood. This was proof that, the price movement of BTC was really not influenced by gold prices. What remained was for crypto analysts to explain why, Bitcoin prices maintained their increased level even when gold prices had eased. The analysts did come up with another fairy tale explanation – they sought to exploit the coronavirus issue.
A complex story was fabricated to link the Chinese yuan to the coronavirus threat and then to Bitcoin. So the conclusion was that, the coronavirus incident had increased the demand for BTC and this, resulted in the price of the crypto moving up. This was just another fairy tale, that analysts expected crypto investors to believe.
So is all this innovative story telling having a positive impact on BTC demand? The answer is a resounding NO and if it did, we would see Bitcoin crossing $50,000 by now! The point is that crypto traders, have learnt how to sift facts from mounds of marketing wilderness. This maturity can only be good for the crypto industry, it needs to be encouraged and developed.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.