Bitcoin (BTC) Bounces Sharply, Set to Snap a 5-Day Losing Streak

Bitcoin (BTC) price has rebounded sharply today to snap a 5-day losing streak. BTC price is up about 7.5% to return trading above the $50,000 mark, and more importantly, above the 100-DMA that comes in at $49,900.

A rebound in crypto prices comes just a few days after renowned author Nassim Nicholas Taleb, the author of the bestseller “The Black Swan,” called Bitcoin an “open Ponzi” or a “failed currency.”

"It has the characteristics of an open Ponzi, and everyone knows that it’s a Ponzi. Basically, there’s no connection between inflation and Bitcoin. None.”

"It’s incompatible with the original aim to replace the dollar, you don’t replace a currency with something that is so volatile that you can’t really commit to a transaction in it. […] It’s like tulips.”

Ethereum (ETH) price has also moved higher to trade over 8% in the green as buyers aim for a new push above the all-time high that sits just below the $2,650 mark.

The total cryptocurrency market has soared above $1.9 trillion again after gaining over 7% today.

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