We can't blame Bitcoin for the negative trend it has undergone in recent weeks because the crypto market is currently being rocked by volatility. Volatility in the crypto market is the phenomenon used to describe the unpredictable fast movements of assets in the market. Considering the coronavirus pandemic, it has further deepened the volatility of the digital asset.submitted by Bit2buzz to CryptoCurrencyTrading [link] [comments]
Bitcoin needs to break out of $10,000 resistance to make a surgeLooking briefly at the buying and selling pressure indicator, the crypto index is being said to be stuck in a negative zone and currently heads away from the 400 level that acts as its point of resistance. After trying on numerous occasions to break past its resistance $10,000 resistance level, Bitcoin needs to be able to break past the level to be able to make a bearish move in the market. One of the major factors affecting Bitcoin is the sell-off that happened on March 12 after it witnessed a price reduction by half. Dubbed as the Black Thursday, Bitcoin went from a little bit over $7,000 to sell at around $3,000.
Talking about the recent disappointing performance of the coin, investor and analyst at Panda, Edward Moya said;
“Bitcoin continues to consolidate in what many crypto fans are calling the typical accumulation phase that occurs after a halving event. The coin has struggled “despite an overall resilient appetite for risky assets."Moya further noted that if this trend continues, it would force most small scale miners out of the Bitcoin network as they would not be able to make a profit as a result of the halving of the rewards.
Bitcoin is not a currency, Prof Steve Hanke warnsReacting to the recent disappointing performance by Bitcoin in the crypto market, Prof Steve Hanke noted on Twitter that Bitcoin should not be confused as a means of legal tender because it is very speculative in nature.
This is not the first time an influential figure is criticizing Bitcoin, as far back as 2019, Economist Nouriel Roubini said that he would gladly take the dollar over Bitcoin because he does not believe that it is a real store of value. Giving his take on Bitcoin, the Economist said,
"Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] despite its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly."Buttressing the point of Roubini, Billionaire, Warren buffet claims that Bitcoin is an illusion because it holds no real store of value.
“If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money," the billionaire said.Conclusively, most people believe that Bitcoin is a good venture, while others have a not so good perspective of the leading cryptocurrency. If Bitcoin continues on this spree and does not experience a major breakout soon enough, most traders would be forced to look elsewhere which is not a good thing for the venture. In the long term, Bitcoin could still make the surge but, in the short run, nothing is sure as of now.
In a new tweet, Steve H. Hanke, a Johns Hopkins University economist, said that American investment bank Goldman Sachs has given the cryptocurrency industry ‘a much-needed reality check’ with its widely-discussed snub.. Hanke recommends cryptocurrency investors go to Vegas instead of betting on ‘highly speculative assets’ that do not provide cash flows or diversification. Economist Steve Hanke often scoffs that bitcoin isn’t “a real currency.” The Johns Hopkins University professor has also compared the cryptocurrency market to the Dutch tulip bubble, and even went so far once as to claim crypto exchange hacks prove these assets are “unstable and unsafe.” Now he’s working for a crypto startup. Revealed exclusively to CoinDesk, Hanke recently joined ... Economics Respected economist Professor Steve Hanke has chanted down central banks. While Hanke doesn’t tout cryptocurrency as an alternative, he does say that the world needs fewer central banks because these government-controlled entities are messing up economies and abusing monetary policy, while fueling inflation and loss of wealth. Also read: Ex-Liberia Central Bank Chief Under Probe ... Professor Steve Hanke mocks Bitcoiners for being financially illiterate Source and More information: Bitcoin Is for Suckers, Says Professor Steve While Hanke doesn’t tout cryptocurrency as an alternative, he does say that the world needs fewer central banks because these government-controlled entities are messing up Steve Hanke: Central Banks Fuel Wealth Loss and Inflation – The World Needs Less of Them – BitCoin BBS
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