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Bitcoin advocate Samson Mow is outlining two possible scenarios for Bitcoin (BTC) as the crypto king hovers below the all-time high reached earlier this week. Mow warns his 352,200 followers on X that if Bitcoin undergoes a “Godzilla or Omega” rally and sucks “all the oxygen out of the room,” altcoins could fall by 30% to 40%. In the second scenario, Mow says, “Altcoin mania peaks, triggering a massive sell-off as the Bagholder’s Dilemma loses equilibrium, BTC goes down briefly then up again, as altcoins tank.” The Bagholder’s Dilemma refers to a psychological trap where an investor holds onto a rapidly depreciating cryptocurrency, refusing to sell in the hope that the price of the asset will recover Turning to Ethereum (ETH), Mow says it is “impossible” for the asset’s market cap to equal the value of 4.6 million BTC. “This has to correct sooner or later.” Ethereum is trading at $4,642 at time of writing, while its market cap sta...

Troubled exchanges like Binance and Coinbase might not be the biggest trading venues for Bitcoin, Samson Mow hinted. Amid the panic over lawsuits against major cryptocurrency exchanges, one Bitcoin (BTC) advocate argued that the BTC market is much bigger than the one tracked by exchanges. The total Bitcoin market is not limited to Binance, Coinbase or any other crypto exchange, Jan3 CEO Samson Mow told Cointelegraph at the BTC Prague 2023 conference on June 9. “Whereas I think for Bitcoin, it’s much harder to quantify how much of the market it is. It’s because a lot of Bitcoin trades are block trades,” Mow said. In mentioning Bitcoin block trades, Mow referred to private trading channels that allow investors to privately negotiate and proceed with large BTC buy or sell orders. Some of the channels include peer-to-peer (P2P) or over-the-counter (OTC) deals, he noted, adding: “You kind of have this black box around Bitcoin. You don't really know how much the market is total. If Bit...