2018-10-15 09:27 |
During the first part of the year, the cryptocurrency community was talking about crypto-related ETFs and institutional investors entering the market. However, this positive sentiment started to slow down in the last weeks.
The interest in Bitcoin and other virtual currencies has also faded since prices have stalled. Back on Thursday, Bitcoin was traded close to $6,200 dollars. And indeed, just a few investors can say that 2018 was a good year for them if they bought at the beginning of the year or at the end of the last one.
Additionally, Bitcoin is becoming less volatile. And this has clearly affected the whole market. If Bitcoin does not experience strong movements, it does not attract new users. However, if it increases in volatility, the media will cover these events and attract new enthusiasts.
Although discussions about virtual currencies have slowed down, Nouriel Roubini, also known as ‘Dr. Doom’ for predicting the last 2008 crisis, started several discussions about virtual currencies on Twitter.
This has helped the crypto community not to attack him just because of his name or other minor things, but instead, it has allowed crypto supporters to provide good and positive answers about virtual currencies.
According to Peter Tchir, writing for Forbes, Dr. Doom has been wrong several times in different markets in several periods of time. Additionally, he explains that he was one of many others that predicted the last financial crisis. Although he can have some reasonable critics on virtual currencies, he does not have a good track record on calling bubbles.
Clearly, it is very difficult to attack something that is going up at all times as it happened during 2017. But it is easy to do so when the markets are down as during the last 10 months. But it is also very complicated to defend this asset if it not performing positively.
Tchir says that he remains bearish on bitcoin and virtual currencies at the current prices. He said that he expects the publicity to go down and to hurt prices more over the next weeks. With the opened debate around virtual currencies started by Nouriel Roubini, some users can sell their cryptocurrencies and damage the market even more.
For him, if the virtual currency community is able to provide a strong rebuke, it is possible to see a recovery.
About it, he mentioned:
“If the crypto community can deliver a strong rebuke, then we could set the stage for more growth.”
At the time of writing, Bitcoin is being traded above $6,300 dollars. It also has a market capitalization of $109 billion dollars. In the last 24 hours, BTC has experienced a 0.73% growth.
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