RATE Group | What is it with the price of Bitcoin and avocados?
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What is it with the price of Bitcoin and avocados?

26 Oct What is it with the price of Bitcoin and avocados?

Posted at 19:17h in Cryptocurrency News by

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Bitcoin has been having another avocado moment. Bizarrely, the popular cryptocurrency’s summer spike and recent downward trend have closely resembled the fortunes of Mexican avocados. A spooky coincidence? Not everyone is so sure. And the price of the fruit has plummeted this month.

Eagle-eyed Bloomberg analyst Tracy Alloway sounded the Avocado Alarm early today on Twitter. She joked that it was the avocados that forewarned her of Bitcoin’s drop to its lowest level since last June. 

However, almost as if to escape her absurd but hugely popular avocado analogy, Bitcoin has since bounced back an astonishing  12 points. And, as Alloway’s chart shows, while the price of bitcoin has mirrored avocados between February and September, the fruit has experienced a much sharper decline following its boom in the last quarter of 2019.

Avocado and crypto watchers have worked hard—if not entirely seriously—to suggest possible reasons for the uncanny price similarities. One of them…

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