BTC May Hit New Bottom in 2018, Bloomberg Says

Mike McGlone, Bloomberg analyst predicts that in 2019 the cryptocurrency will fall to even lower levels
20 December 2018   1046

Despite the fact that this year Bitcoin is likely to have passed its lowest point, next year the first cryptocurrency may fall to even lower levels. This opinion was expressed by analyst of Bloomberg Intelligence Mike McGlone.

Bitcoin rises in price already the fifth trading session in a row, and earlier today for a short time, it rose in price above $ 4,000. The growth of cryptocurrency for several days was observed this year and earlier - the last time this happened in September, after which the price went down again.

However, according to the publication, now the situation may be different and at least for 2018 the bottom for Bitcoin is left behind. Mike McGlone agrees with this assumption.

Nevertheless, Mike McGlone predicts that in 2019 the cryptocurrency will fall to even lower levels.

During the year, the former IMF economist and now manager of the family office in Southern California, Mark Dow, shortened Bitcoin, making a double profit on it. As the Dow then explained, the Bitcoin rate rose last year due to the high interest of random people who do not understand the cryptocurrency devices, and that it will not be able to stay long at such heights.

In fairness it should be noted that Dow did not specify whether this decision was made on the basis of faith in the resumption of Bitcoin growth.

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   319

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.