BITCOIN sunk to $5,808 on Sunday before quickly recovering to $6,236 within a few hours. One expert told Express.co.uk that he expects bitcoin, ethereum and ripple to continue south, claiming that “the general ‘macro’ picture” for cryptocurrencies “is negative.”
Bitcoin is currently priced at $6,159 after hitting a new low for 2018 on Sunday night.
Jordan Hiscott, Chief Trader at ayondo markets has warned Express.co.uk that he expects prices to continue further south over summer.
Mr Hiscott said that cryptocurrencies remain vulnerable, adding, “the ability to trade and get access to both positions and funds hugely affects the perception of the stability of crypto assets as a whole.
“This is important as not having the backing of governments, unlike fiat currencies, makes crypto vulnerable, which is evident in today’s fall in the value of Bitcoin.”
On the general sentiment for crypto, he said: “Japan’s Financial Services Agency has suspended the creation of new accounts at five of the main exchanges in the country.
The price fluctuations we have seen today and over the weekend are to be expected with such a nascent market. As with other markets, corrections are not necessarily a bad thing.
“This, coupled with hacking events at some smaller scale exchanges in Europe, makes what I call the general ‘macro’ picture on cryptocurrencies negative, at least in the short term. Although today’s move to $6060 for Bitcoin is down 8% on the day, I wouldn’t be surprised to see the asset drop near $5000 by the end of the summer.”
source ::: city and business news,(Express.co.uk)
Author: Temitayo Olojede , temity@bitkonga.com
