“A $28 Trillion Opportunity” – Cryptocurrency Prepares for Massive Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Dogecoin Swing

Bitcoin BTC, Ethereum and other top 10 cryptocurrencies have found ground after a massive sell-off this year that could turn into a “panic.”

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The bitcoin price has collapsed 70% since peaking at $70,000 per bitcoin in November last year, and has collapsed in the face of “brutal” interest rate increases by the Federal Reserve. The crash wiped out about $2 trillion from the price of Ethereum and other top ten cryptocurrencies BNB, XPR, Solana, Cardano, and Dogecoin (although a major US regulator issued a surprising bitcoin and cryptocurrency price prediction).

Now, Yassin al-Manjar, chief crypto analyst at Arch Investment Management at Cathy Wood, said bitcoin represents a “$28 trillion opportunity,” stopping off previous predictions that the price of bitcoin will reach $1 million per coin by 2030.

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More Forbes: Coinbase CEO Reveals Selling Bomb After Bitcoin, Ethereum, and $2 Trillion Cryptocurrency Crash

Bitcoin price has collapsed again but some investors are still confident that it will come back again,… [+] Likely to drive up the price of Ethereum, BNB, XRP, solana, cardano, and dogecoin.

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“When we look at bitcoin’s potential, we break it down into several use cases — everything from competing as a digital store of value, to a settlement network, to an insurance policy against arbitrary seizure of assets,” Almanjarra told Bloomberg. “When you stack each use case one on top of the other, you come up with about $28 trillion opportunity, which translates to more than $1 million per bitcoin.”

Bitcoin proponents have argued that the cryptocurrency will eventually replace gold as a physical store of value and a hedge against inflation, with Bitcoin often referred to as “digital gold” due to its fixed supply and decentralized nature.

This week, the bitcoin and cryptocurrency community pointed to PayPal’s surprising new policy that was quickly reversed and JPMorgan’s decision to cut ties with rapper Kanye West as evidence of the need for “censorship-resistant money.”

“When you look at bitcoin as a strategic asset, non-sovereign money, resistance to censorship, competing with central banks and fiat currencies, where the supply of bitcoin is restricted at 21 million, I think there is an arms race — especially as we move from digital to the physical world — to be an asset independent of the Conventional financial systems and traditional asset classes, he said.

However, this year, Ark has given up $75 million of Coinbase shares, relinquishing its position as the third-largest shareholder in the cryptocurrency exchange. Coinbase stock has collapsed along with the bitcoin and cryptocurrency market, as Coinbase CEO Brian Armstrong this week revealed a selling bomb.

Although the technology and finance industries are still slowly moving towards cryptocurrency adoption. Google announced this week that it will start accepting bitcoin and some other cryptocurrencies as payment for its cloud services, while Wall Street powerhouse BNY Mellon has joined other major banks in launching crypto custody services.

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More FORBESIt ‘Really Is The Answer’ – Kanye West, JPMorgan and PayPal Reveal ‘Bitcoin Portfolio’ By Billy Bambro

The price of Bitcoin has skyrocketed over the past few years despite its 70% crash since late last… [+] In the year, it erased about $2 trillion from the price of the top ten cryptocurrencies Ethereum, BNB, XRP, solana, cardano and dogecoin.

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“If the price recovers the psychological level of $20,000 with significant trading volume in the next few days, bitcoin may test $23,000 next week,” said Yuya Hasegawa, crypto market analyst at Bitbank, in an email comment.

The cryptocurrency and stock market this week was boosted by data showing that the US Consumer Price Index (CPI) rose at an annualized pace of 8.2% in September, compared to an estimated rise of 8.1%.

“It has been another tough week for the stock market until the CPI, so a bounce is likely to unwind the recent risk sentiment, which could have a positive impact on the bitcoin price,” Hasegawa said, adding: “Unlike last month, where we expected The market was expecting inflation to slow down, the market was expecting a shock this time, so even though the price went down initially, it wasn’t deep enough to cause panic.”

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