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Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, And Triple Top Hopes — Bitcoin.com News Week In Review

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Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, And Triple Top Hopes — Bitcoin.com News Week In Review

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news.

Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims

Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets.

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Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law

The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value.

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2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’

While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario.

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As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play

While crypto markets look extremely bearish these days, a few crypto advocates have theorized the bear market will be less harsh this time around. Furthermore, there’s also the rare scenario that bitcoin’s price could reverse and see a triple top even though it’s commonly said in the finance world “there is no such thing as a triple top.”

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Bitcoin Obituaries, Court, Crash, do kwon, LUNA, Markets, Peter Schiff, Shanghai, Terra, Triple Top, UST, Virtual Property, Week in Review

What are your thoughts on this week’s top stories? Let us know what you think in the comments section below.

Bitcoin.com

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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99bitcoins

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

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‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week.

The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life

In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit.

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The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD denominated Realized Loss in bitcoin history,” Glassnode detailed. “Over $7.325B in BTC losses have been locked in by investors spending coins that were accumulated at higher prices.”

Meanwhile, two days ago, the Bitcoin Obituaries list hosted on 99bitcoins.com indicates that bitcoin has recorded its 15th death of the year. The obituary statement was written by the gold bug and economist Peter Schiff via Twitter. Schiff has always thought bitcoin is worthless and he has said multiple times that BTC’s price is headed to zero. Schiff’s recent bitcoin obituary called “Bitcoin Will Not Recover,” says the current crypto crash is just the beginning. Schiff’s obituary statement says:

Long-term bitcoin HOLDers aren’t worried as they’ve been through 73% declines before. But previous declines didn’t involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. This crash is just beginning. Bitcoin will not recover.

‘Bitcoin Is Dead’ Google Searches Estimated to Rise Significantly This Week

Bitcoin.com News recently reported on Schiff’s bitcoin opinion last week when he said crypto advocates’ “need to sell bitcoin to pay the bills will only get worse as the recession deepens.” Google Trends data shows that there’s been an awful lot of “bitcoin is dead” searches and this week’s GT data score for the phrase “bitcoin is dead” is expected to hit an all-time high.

The last time GT data had shown the search phrase reach a high was during the Terra blockchain fiasco, and during the week of May 8-14, the search phrase “bitcoin is dead” reached a 38 out of 100. So far, according to the Bitcoin Obituaries list hosted on 99bitcoins.com, 2022’s list beats 2020, 2012, 2011, and 2010.

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2021 saw approximately 47 obituaries and 2020 saw only 14. The lowest number of deaths was in 2010 with a single obituary called “Why Bitcoin can’t be a currency,” which was published on December 15 that year. To date, bitcoin has died 455 times so far according to the Bitcoin Obituaries list.

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99bitcoins, Bear Market, Bitcoin, Bitcoin (BTC), Bitcoin bears, Bitcoin bulls, Bitcoin Dead, Bitcoin Eulogy, Bitcoin Obituaries, Bitcoin Price, BTC death, Google Trends Data, Independent author, Market Carnage, Markets, Peter Schiff, Prices

What do you think about the ‘bitcoin is dead’ statement and the Bitcoin Obituaries list? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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2017

2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’

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2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’

While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario.

Bitcoin Obituaries List in 2022 Surpasses First 3 Years of So-Called Deaths by Year

During the course of Bitcoin’s 13 years, the leading crypto asset has been deemed ‘dead’ or ‘extremely close to death’ by many journalists, economists, analysts, and financial experts. In fact, these types of opinions happen so much, that the team at 99bitcoins.com curated a list called the “Bitcoin Obituaries.” The data from the website shows bitcoin (BTC) has died 447 times since the list was started in 2010. That particular opinion that said bitcoin was dead was written on December 15, 2010 in a post called: “Why bitcoin can’t be a currency.”

Bitcoin has ‘died’ a total of seven times in 2022.

As the years continued, bitcoin obituaries were published more often, and during the bull run of 2017, there was 124 bitcoin obituaries added to the web portal. The following year in 2018, bitcoin died 93 times, and in 2019, only 41 deaths were recorded. 2020 saw a smaller number of bitcoin obituaries, as the year only saw 14 listed on the website. In 2021, bitcoin obituaries picked up the pace again, and the leading crypto asset saw 47 obituaries written about its so-called demise.

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In 2022, there’s only been seven bitcoin obituaries recorded, but the year is not over and it has outpaced 2010, 2011, and 2012 by the number of yearly obituaries so far. Bitcoin’s price has experienced a downturn in recent weeks, and it’s quite possible even more bitcoin obituaries will be added this year. The last obituary listed on 99bitcoins.com was written by the British financial journalist and columnist for the Financial Times (FT), John Plender. The post listed as: “Bitcoin Will Run Out of Greater Fools,” quotes Plender’s statements from his April editorial. While Plender does not believe in bitcoin, the FT columnist does think blockchain is a powerful technology.

“There can be no denying the astonishing power of blockchain technology, which is here to last,” Plender writes in his FT editorial. “Yet bitcoin is intangible, risky and incomprehensible to most human beings. While it is increasingly gaining acceptance among professional investors, its performance this year makes it hard to believe it can topple gold from its position as the ultimate bolt hole for frightened money.” The financial journalist adds:

As for the important cultural dimension of the argument, bitcoin, frankincense and myrrh lacks a certain ring. The supply of greater fools will in due course run out.

Gold Bug Peter Schiff Says Sub-$10K Bitcoin Prices Are ‘Highly Likely,’ Schiff’s Recent Poll Shows 54% of 37,000 People Say They Will Still HODL

While bitcoin is not dead, the cryptocurrency still has many detractors like the Iranian-American economist Nouriel Roubini, and the economist and gold bug Peter Schiff. The gold bug Schiff believes bitcoin and other crypto assets will keep falling in value. Schiff recently held a poll on Twitter after he said: “If bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K.” Schiff then added that this means any BTC holder has an important decision to make. “What will you do?” Schiff asked. “You had better decide now so you don’t panic and make a rash spur-of-the-moment decision.”

Results from Peter Schiff’s recent poll which got 37,132 votes.

Schiff then left a poll in his Twitter thread that gives people some choices on what they would do. Choice one was “it won’t break below $30K,” which received 19.6% of the 37,000 votes. 54.5% said they would “HODL,” and 15.5% said they would sell and buy lower. Roughly 10.4% of the surveyed participants said they would sell bitcoin and would not rebuy. In Schiff’s eyes bitcoin will always be dead, and he wholeheartedly believes the precious metal gold will continue to soar.

“The 6% weekend drop in bitcoin was in fact a leading indicator of weakness in other risk assets as stock market futures are trading down 1%,” Schiff said on Monday. “Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in inflation, gold will soar,” the bitcoin detractor added.

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2017, 2020, 99bitcoins.com, Analysts, Bitcoin, Bitcoin (BTC), bitcoin deaths, bitcoin is dead, Bitcoin Obituaries, BTC, BTC dead, BTC deaths, dead, Dead bitcoin, dead BTC, deaths, Economist, economists, Eulogy, Gold Bug, Journalists, Luminaries, Nouriel Roubini, Obituaries, obituary, Peter Schiff, Ponzi Scheme, Pundits, Schiff $10K, Schiff Poll, single-digit deaths, Skeptics

What do you think about the Bitcoin Obituaries list hosted on 99bitcoins.com and John Plender’s opinion? What do you think about Peter Schiff’s opinion about bitcoin and his recent Twitter poll? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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