In the early hours of May 13, bitcoin (BTC) prices slumped to $46,980.02 before retracting back to about $50,000 as the digital currency continues with the bearish trend that seems to be accelerating with time.
Since mid-April when BTC prices hit an all-time high of $64,863.10, the prices have been on a bearish trend. There was a small correction at the beginning of May but it seems the bearish trend has just gotten stronger.
Recent BTC price action has disappointed most investors
The recent price action has disappointed most investors including whales like Tesla, Microstrategy, and Marcado Libre, Inc., which was the latest company to announce its Bitcoin purchase.
While altcoins have registered a gain of about 24% in the last 12 or so days to register an all-time high capitalization of over $1.35 trillion, bitcoin has registered a drop of about 21.38% from its all-time high to date.
Bitcoin refuses to turn bullish despite all the positive news around it
Fidelity, a global asset manager worth over $3.8 trillion, filed for a Bitcoin ETF with the US SEC with SEC having a response window of 44 days. The Wise Origin Bitcoin of Fidelity also partnered with the Chicago Board Options Exchange (CBOE).
On another great news, Palantir (PLTR), a data analytics company worth over $30 billion, announced that it had started accepting bitcoin (BTC) payments on May 11. Palantir is also likely to follow in the footsteps of other large companies like Tesla and Microstrategy by adding more than $2 billion worth of bitcoins to its balance sheet.
There is also the proposed Taproot upgrade that aims at making Bitcoin transactions cheaper, easier and faster and also adds some privacy and time-lock functions. The upgrade is set to be unveiled on August 11 if all the mined blocks will have an activation signal by then.