Oracle investment prospects are out, Bitcoin loses 5 percent

Bitcoin (BTC) dropped $ 3,000 after the US-based giant company Oracle’s expectation to buy 72,000 BTC came to naught on March 11.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

According to Cointelegraph Markets and TradingView data, the BTC / USD pair fell below $ 55k again after rising above $ 57k on Thursday.

The cryptocurrency market had performed strongly the other day and the bulls were expecting Bitcoin to retest its all-time high of $ 58,300.

While the momentum of the market was enough to surpass $ 56K, the last resistance before this level, Oracle’s failure to confirm the news that it will buy BTC changed things.

As of February, there has been talk that the company is planning to buy Bitcoin to rival the largest institutional BTC investors Grayscale and MicroStrategy. Social media users, expected the company to make a statement on wednesday but the statement made did not confirm his expectations.

The company’s co-founder, Larry Ellison, did not disclose any activity related to Bitcoin in a statement, but signaled that he is looking positively on the trading environment for the next year.

“I am not ready to explain our plans as to why I think such a boom will occur, but we expect very, very fast database growth next year,” said Ellison.

The BTC / USD parity, which has declined to $ 54,300 in the last 24 hours, is trying to hold on to $ 55,000 as of the time of translation broadcast.

On the other hand, some commentators still view this situation positively.

One of them, entrepreneur Jeff Booth, said, “Those who watch Bitcoin’s daily price should not forget that this is a long journey.” he stated:

“The fact that Oracle hasn’t ‘yet’ bought Bitcoin is actually very positive and shows how early we are on the road.”

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