BTC price has painstakingly reminded investors of the volatility of cryptocurrencies last week. The fall of Bitcoin & Co. was accordingly the dominant theme in the comments of the past week.
Brian Armstrong, CEO of CryptoBase Coinbase, remains calm in the face of recent market events. He could certainly get something positive out of these “correction periods” because:
“In such correction periods, many people who have entered crypto for the wrong reasons or just wanted to make a quick dollar disappear – they lose interest”
That’s what the Coinbase boss said on Sept. 7 in San Francisco on TechCrunch’s “Disrupt” conference .
Panos Mourdoukoutas of Forbes sees in the last dip of the Bitcoin price less a correction, but rather the proof that Bitcoin does not have what it takes to the US dollar competitors . This is especially true given the currency crises in emerging markets:
“Like Turkey and Argentina, whose currencies have fallen in the last few weeks. Both countries have a high debt burden in US dollars. And their central banks have lost their independence to fight inflation. “
The BTC rate, however, had fallen with the currencies, instead of skyrocketing from a flight of inflation-plagued citizens in cryptocurrencies. In Turkey, for example, people have started to invest in gold rather than cryptos, which is evidenced by increased imports.
The “global currency Bitcoin” refers to Mourdoukoutas as a “myth”.
Andrew Pompliano, founder of Morgan Creek Digital, sees the crash as an example of why regulators have been so skeptical about Bitcoin ETF so far.
“You want to know why there is no crypto-ETF yet? Bitcoin worth $ 100 million was launched on the market within 10 minutes. This has dropped the BTC rate by 5 percent. Some say volatility, other manipulation. Nobody knows the truth “,
he vented on Twitter.
The Bitcoin Exchange Guide is speculating about the possibility that the “last whales” might be about to monetize their coins in order to switch to less risky assets:
“Some people hypothesize that they are liquidating their assets and moving to more stable markets like real estate, while others believe they are using the market.”
The trader Brian Stutland sees the high volatility of Bitcoin as an investment barrier. He also expressed his hope to CNBC that lower volatility would mean fewer jumps for investors:
“I’d like that volatility to decrease a bit to give people a little more comfort, because you see, that helps investors. When we reach those specific technical [course] values, people want to get out immediately. “
While Stutland attests the great cryptocurrencies such as Bitcoin and Ethereum good chances of survival, he sees for most Altcoins in the long run black:
“Bitcoin, Ethereum and several other leading coins will stay. Many of the Altcoins will disappear. “
Concerning the – refuted – rumors about Goldman Sachs and the abandonment of their crypto-trading-desk, Stutland dismisses:
“I would say forget these guys. Bitcoin was created to handle off-bank transfers. We do not need them, and in that sense, I would expect it to go higher again. “
Stutland is optimistic that the BTC price will climb back to $ 7,250 in September.
Check out our mining system: Free Registration! (One Click)
Categories: Crypto Currency