In a tweet published on Nov. 22, Hoskinson urged the cryptocurrency community that Bitcoin is more than speculation, putting the blame on the latest drop in price on news media “FUD” — or fear, uncertainty and doubt — and market manipulation.
A global movement
Because there’s more to Bitcoin than just price movements, he expects the world’s biggest cryptocurrency to see more gains in the future. He said:
“Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future.”
Bitcoin’s recent price action
As Cointelegraph reported, Bitcoin and altcoins have seen a notable price decrease yesterday. More precisely, Bitcoin briefly dipped below $7,000 before settling slightly higher.
Still, as Cointelegraph’s market analysis pointed out, Bitcoin dominance is up for the week at 69%, meaning that BTC has once again outperformed other cryptocurrencies during the despite its decline this week.
Shortly after the price drop, Bitcoin futures daily volumes on digital asset platform Bakkt have hit a new all-time high, showing an increased interest in capitalizing on the renewed volatility.
In October, Hoskinson also expressed the idea that if Bitcoin fails, the entire cryptocurrency industry could fail.