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Crypto Investor On Bitcoin: "I did not sleep well last night"
"Bitcoin [is] no more boring, "said Bloomberg analysts / journalists Vildana Hajric and Olga Kharif in a recent article on the crypto-market, and looking at the current state of cryptocurrency prices, it would seem so … Unfortunately.
As reported by the Ethereum World News on several occasions in recent days, BTC crashed hard on Wednesday, rapidly falling below support levels at $ 6,000 and $ 5,800 due to a number of claimed catalysts and an influx of sales pressure. Many analysts and industry insiders have drawn attention to the Bitcoin Cash fork as a likely cause of this downward trend, while others have indicated an institutional sale.
Regardless, the strong downward move, which saw the aggregate value of all cryptographic assets require a $ 25 billion haircut, happened regardless of the cause.
Speaking about the unfortunate incident, Travis Kling, the founder of the newly-founded Ikigai hedge fund, told Bloomberg:
Last night I did not sleep well … It's a small possibility that, it's hard to estimate, that something really bad could happen in relation to Bitcoin Cash which could therefore have an impact on the entire market of encryption.
Mike McGlone, an analyst at Bloomberg Intelligence, echoed Kling's concerns, drawing attention to the allegedly negative effect of Hard Fork on this emerging market. He explained that the market "got a little tarnished" with long speculative, noting later that the cryptographic assets remain in a "long-lasting bear market".
Another analyst has supported McGlone's request to extend the duration of the bearish market in 2018, predicting that BTC would stabilize below $ 1,500, a decrease of 70% compared to current levels, or more than 90% down from the historical maximum of the good established at the end of 2017.
And for now, unfortunately, their downward predictions could be credible, since cryptocurrencies have not yet shown any sign of recovery or reversal of tendency, even if there are still considerable volume levels.
At the time of writing, BTC has a value of $ 5,547 a pop, with a gain of 0.24% in the last 24 hours. However, altcoins, save XRP and Stellar Lumens (XLM), are having much worse. Most of the leading market leaders such as BCH, LTC, DASH and BNB have reported losses of more than 1%.
Despite Crash, Bitcoin (BTC) still has a tailwind
However, arguably, there are still a number of driving factors for Bitcoin and cryptographic resources in general. The fiscal situation in Venezuela, for example, has worsened recently as Bolivar inflation reached 150,000%, although regulators have made moves (such as the launch of Petro Dollar issued by the government) to stem the rampant currency devaluation, as reported by Ethereum World News.
According to Bloomberg's Café Con Leche Index, a cup of coffee now costs 120 bolivars, with estimates and forecasts indicating that such an object will go to four quadruple digits in due course. While the adoption of cryptocurrencies within the country should not be ridiculed, as always, there is still a way to go. But with this multi-annual attack of galloping hyperinflation, it would be logical to assume that the Venezuelans will seek financial comfort in decentralized, anti-government and non-censurable activities such as Bitcoin.
Title Image Courtesy of Andre Francois via Unsplash
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