Renowned social media influencer and cryptocurrency expert, Waqar Zaka, has once again showcased his expertise in the digital currency market. Bitcoin, the leading cryptocurrency, recently experienced a dramatic drop in market value, plummeting over 18% to $50,000 within 24 hours. This decline aligned precisely with Zaka’s recent warnings, earning him much appreciation from his followers.
With a massive following on social media and a community of cryptocurrency enthusiasts on platforms like Meta, Waqar Zaka has been a prominent voice in the crypto world. Since June 15, 2024, Zaka, through his YouTube live streams where he conducts live leverage trading, has consistently predicted that Bitcoin would reach levels between $49,888 and $48,825. Today, Bitcoin hit this predicted range, reinforcing Zaka’s credibility.
As global markets experience a downturn, Waqar Zaka continues to keep Pakistanis informed and engaged through his live trading sessions on his YouTube channel, which has gained significant popularity. In recent weeks, he consistently predicted an impending decline in Bitcoin’s value, urging his followers to prepare for a significant market correction. As Bitcoin’s price tumbled, Zaka’s foresight was lauded by his fans, who took to social media to express their appreciation.
“I’ve been following Waqar Zaka for a while, and his insights into the crypto market have always been reliable,” said one follower on Twitter. “Thanks to his warning, I was able to make informed decisions and avoid the recent Bitcoin dump.”
Impact of Bitcoin Price Crash on the Market
The recent price crash in Bitcoin has had notable implications for the market. According to Velo Data, the annualized three-month futures premium on Binance, a leading crypto exchange, has dropped to 3.32%, the lowest since April 2023. This sell-off is part of a broader trend of risk aversion in global markets, influenced by the sharp rise in the anti-risk Japanese yen and fluctuations in the U.S. bond market.
Adding another dimension to the discourse, former US President Donald Trump has echoed Zaka’s sentiments, suggesting that the US might use Bitcoin reserves to manage national debt. This alignment of views between Zaka and Trump has further cemented Zaka’s credibility.
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The ongoing discussion about Bitcoin’s role in national reserves has also reached Pakistan. With the country grappling with a significant external debt shortfall, some experts, including Zaka, advocate for considering Bitcoin as a financial strategy. The recent report from the Economic Affairs Division revealed that Pakistan secured only $9.81 billion in external debt last year, far below the anticipated $17.61 billion.
As the debate continues, Zaka’s insights and predictions remain a crucial reference point for investors and policymakers alike.