The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher.
Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital.
Technical trader Peter Brandt reflected on Thursday’s correction in the bitcoin price, asking if it was ‘enough to shake the…FOMO buyers from the trees.”
A recent Bloomberg article suggested that barely anybody is spending bitcoin and therefore the cryptocurrency’s use case as a currency is weak. The publication cited data from blockchain intelligence firm Chainalysis. Considering that most of bitcoin transactions are on exchanges, Chainalsyis suggests that speculation remains bitcoin’s chief use case.