Bitcoin May Fall Under $3k, Pompliano Believes

Founder of Morgan Creek Digital Assets had already made few successful predictions
27 December 2018   1156

Bitcoin can wait for a further decline, despite a jump in its price above $ 4,000 last week, said the founder of Morgan Creek Digital Assets and famous commentator Anthony Pompliano in a conversation with CNBC.

I think that in the short term there is an opportunity for further reductions, he said.

In November, Pompliano predicted that Bitcoin would drop to $ 3,000, which happened shortly after that. Since then, the largest cryptocurrency managed to rise above $ 4,200, but fell below $ 3,800 at the time of publication.

Answering a question about the correlation of the cryptocurrency market with the traditional or FAANG shares (Facebook, Apple, Amazon, Netflix and Google), also rushing down in recent months, Pompiano said that he does not see the relationship.

Antony definitely agree that the fall in the stock market carries with it a psychological component, noting that the dependence of Bitcoin on the securities market was close to zero. In November, Pompiano predicted a massive closure of cryptocurrency funds.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   318

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.