Wednesday , May 12 2021

"I did not sleep well last night": the Bitcoin slider only started as analysts in favor of a 70% drop



Bitcoin is no longer boring.

After months of tranquility that became the envy of capital investors, the biggest cryptocence has returned to public awareness this week with the biggest sale since August, another fork and a cameo in a major report on the profits of semiconductors. Some experts in the digital assets industry have already begun to refer to it as the crypto winter.

Bloomberg Intelligence says the drama has just begun. Analysts predict that the price could fall to $ 1,500, which would indicate another drop of more than 70% of current levels. The digital file fell 12 percent on Wednesday alone to its lowest level in more than one year and lost more than 60 percent of its value so far this year. Many of the closest pairs of Bitcoin, including XRP, criptocurrency also known as Ripple, have fallen in tandem.

"I did not sleep well last night," said Travis Kling, founder of the hedge fund Ikigai on Thursday, which followed the Bitcoin Cash division. "There is a small likelihood that it is difficult to estimate that something really bad could happen related to Bitcoin Cash that could affect the whole market of encryption."

Some investors believe that two versions of Bitcoin Cash, which broke the original Bitcoin in 2017, could be sucking investors and miners away from the largest criptocurrency.

This seemed true for Mike McGlone, Bloomberg Intelligence analyst who warned that the slide could get worse.

The fall "caused by the pump for the hard hole of Bitcoin Cash," said McGlone. "That bomb that began a few weeks ago, has managed to make the market too confused with long speculative playing for good days. But this is a bear bear market."

The bad news did not stop there. The chipmakers were also hammered on Friday when Nvidia Corp. It emitted weak sales forecasts for the current quarter, saying it saw a persistent loss of demand from the collapse of cryptography mining. Digital tokens mining, a computer code that has value in online transactions, has helped stimulate demand for the company's graphics chips. The shortage related to an increase in the demand of the miners took to an excess of supply of pieces when the market of cryptography fell.

"The downturn in Nvidia's stock price is reflective of a future where cryptoconamid fuel demand was believed," said Peter Mallouk, president and chief investment in Creative Planning, in an email. "Although this is, of course, bad news for Nvidia, it's really the canary in the coal mine for Bitcoin and other cryptoconches."

Nelson Saiers, an old hedge fund manager, becomes an artist, hopes that the renewed approach will help raise the profile of his work. You are installing inflatable bitches from Bitcoin in London and Washington to show the influence of the token in society.

"They are without permission. They are hated, persecuted and persecuted," he said about rats, which serve as a proxy for Bitcoin in his art. "And yet they are capable of putting all the knee civilizations."

Or maybe just those who bet for great cryptography.

Bloomberg.com


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