Bitcoin Will Fall, Say Experts at Capital Economics

21 January, 2018, 02:36 | Author: Sammy Rose
  • Bitcoin tokens are displayed in this

The goal of cryptocurrencies has always been that they be used as a medium of exchange, the way you would use a US dollar or other national currency. Bitcoin has a market value of $171 billion while ethereum has $84 billion hence making them top two digital currencies. But bitcoin has been particularly volatile recently, and is down by almost half from its peak of more than $19,000 last month.

While there are no plans to ban cryptocurrencies in Singapore, the government of the country looks forward to more transparency and less anonymity by cryptocurrency exchanges operating in the country. Those that got into the currencies at fractions of a penny and now have major crypto-wealth? There are some who see the trading of crypto currencies, as a way of supporting money laundering and risky speculative investing. Key levels will likely hold sway for traders, according to Mati Greenspan, senior market analyst at currency trader eToro in Tel Aviv.

The thing is that it's both faster and cheaper than Bitcoin (BTC).

Bitcoin was originally created as an alternative de-centralized currency.

China and South Korea account for a considerable volume of bitcoin mining and trading activities.

Do you use Bitcoin ATMs to buy and sell?

As a result, they are trying to minimize the future damage to investors by making it more hard and costly to trade. It started a year ago below $1,000. "People want to know that if they make a lot of money from bitcoin they're going to be able to keep the money", Quaintance said. Lesser known digital currencies were down even more. In early afternoon trading on Friday, it was little changed from a day earlier at $11,221, according to Coindesk. This week the Securities and Exchange Commission sent a letter listing more than 30 of them to trade groups representing the investment industry.

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The retreat is primarily due to fears concerning a crackdown by Asian regulators.

Speculators wonder: Is the big run over?

Whether or not the Ethereum price will reach $1,250 anytime soon, remains highly doubtful To do so, the altcoin will need to decouple from Bitcoin sooner rather than later, as the world's leading cryptocurrency will not move up by much in the coming weeks.

Bitcoin is notoriously volatile, and it has suffered huge declines before. Unless bitcoin rebounds, speculators might not return with the same enthusiasm, he warns.

The value of bitcoin dropped by nearly 15 percent on Tuesday to as low as $11,182.71 from an opening price of $13,585.90, according to data from Coindesk.

Bitcoin and other digital currencies have skyrocketed in recent years.

Stories emerged of auto sellers, for example, wanting bitcoin instead of regular, established monies for their vehicles. I spoke to John Leslie, a crytpocurrency trader who has considerable investments into bitcoin, and he said, "It is never fun waking up and seeing your entire portfolio take an absolute plunge, but in the end, I believe now is the time to buy up more".


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