{"id":199413,"date":"2021-03-11T11:30:51","date_gmt":"2021-03-11T08:30:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-sheds-5-after-oracle-keeps-quiet-on-4b-btc-allocation-rumors\/"},"modified":"2021-03-11T11:30:51","modified_gmt":"2021-03-11T08:30:51","slug":"bitcoin-price-sheds-5-after-oracle-keeps-quiet-on-4b-btc-allocation-rumors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-sheds-5-after-oracle-keeps-quiet-on-4b-btc-allocation-rumors\/","title":{"rendered":"# Bitcoin price sheds 5% after Oracle keeps quiet on $4B BTC allocation rumors"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a381ce2e7665\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a381ce2e7665\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-sheds-5-after-oracle-keeps-quiet-on-4b-btc-allocation-rumors\/#Analyst_Amazon_market_cap_could_be_next_for_Bitcoin\" >Analyst: Amazon market cap could be next for Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price sheds 5% after Oracle keeps quiet on $4B BTC allocation rumors <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) fell $2,000 overnight on March 11 after United States-based multinational Oracle dispelled rumors that it had bought 72,000 BTC.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/cf6e60c7-ce0d-4d32-9e2c-53e0350a2410.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD returning to $55,000 on Thursday after hitting local highs of around $57,00.<\/p>\n<p>The previous day had delivered strong performance across cryptocurrency, with bulls eagerly awaiting a retest of Bitcoin&#8217;s all-time highs at $58,300.<\/p>\n<p>While the momentum did much to overcome a final band of resistance in place just below that level, it did not last, as an alleged adoption announcement from Oracle failed to materialize.<\/p>\n<p>Starting in February, claims began to surface that the firm planned to buy a huge amount of Bitcoin in a move that would rival top institutional investors Grayscale and MicroStrategy. Confirmation should have come on Wednesday, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> users <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bittycoin_\/status\/1369213717594972160\">added<\/a>, but an earnings call failed to confirm their suspicions.<\/p>\n<p>In the event, co-founder Larry Ellison did not disclose any Bitcoin-related activity, while signalling that he was bullish on the trading environment for the coming year<\/p>\n<p>\u201cI\u2019m not really ready to disclose our plans as to why I think it\u2019s going to suddenly spike but we expect very, very rapid database growth next year,\u201d he said, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/03\/10\/oracle-orcl-earnings-q3-2021.html\">quoted<\/a> by CNBC.<\/p>\n<p>At the time of writing, BTC\/USD was continuing to retrace, losing around 2% in an hour and heading towards $54,000.<\/p>\n<p>Reacting, commentators remained unfazed by the anticlimax.<\/p>\n<p>&#8220;For those caught in the day to day pricing of Bitcoin, it is a long journey,&#8221; entrepreneur Jeff Booth <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JeffBooth\/status\/1369763844252446724\">responded<\/a>:<\/p>\n<blockquote><p>\u201cThe fact that Oracle hasn&#8217;t bought &#8216;yet&#8217; is very bullish and signalling how early it still is.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Amazon_market_cap_could_be_next_for_Bitcoin\"><\/span>Analyst: Amazon market cap could be next for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Taking a longer-term view, one analyst this week described the slowdown in Bitcoin&#8217;s bull run at around a $1 trillion market cap as a &#8220;back-and-fill process.&#8221;<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1369260290672590850\">tweet<\/a>, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued that once consolidation is over, Bitcoin would rise again \u2014 and its next target would be Amazon&#8217;s market cap.<\/p>\n<p>&#8220;Tesla in Rear View, About $80,000 Bitcoin Eyes Amazon Market Cap \u2014 Once Bitcoin&#8217;s back-and-fill process around the $1 trillion market cap is complete, we see internet pioneer Amazon.com as a potential next threshold&#8230;,&#8221; he wrote on Tuesday.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/21f66699-4281-4951-93c8-b4788c164f3d.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin volatility vs. Amazon market cap vs. BTC\/USD chart. Source: Mike McGlone\/ Twitter<\/em><\/figcaption><\/figure>\n<p>McGlone uploaded a comparative chart highlighting Bitcoin&#8217;s low volatility poised to repeat performance from 2017, the year in which BTC\/USD grew from $1,000 to just under $20,000.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-sheds-5-after-oracle-keeps-quiet-on-4b-btc-allocation-rumors\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price sheds 5% after Oracle keeps quiet on $4B BTC allocation rumors &#8221; Bitcoin (BTC) fell $2,000 overnight on March 11 after United States-based multinational Oracle dispelled rumors that it had bought 72,000 BTC. BTC\/USD 1-hour candle chart (Bitstamp). Source: Tradingview Data from Cointelegraph Markets and TradingView\u00a0showed BTC\/USD returning to $55,000 on Thursday&#8230;<\/p>\n","protected":false},"author":1,"featured_media":199414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvZjlmMmZmY2EtYzE0Zi00YzA3LWI4NzItYzg3MmRlYmZjNzQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74355,73785],"class_list":["post-199413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-adoption","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=199413"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/199414"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=199413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=199413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=199413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}