“Bitcoin at a Crossroads.” Why the price of cryptocurrency can fall to $ 20 thousand

On Friday morning, the digital coin again failed to overcome the level of $ 40 thousand, which caused new fears about the continuation of the rate correction. What is happening in the market and when will the decline intensify?

Calmly recover and continue to grow bitcoin today does not give information noise, explained the financial analyst of the crypto exchange Currency.com Mikhail Karkhalev. Shortly after the bans in China, the US announced a possible tightening of the crypto market regulation.

“It would seem that the market has reacted to all the events and has already embarked on the path of recovery, when with his next tweet Elon Musk dropped the price by 5%. I would like to hope that in the near future the market will simply start to ignore its activity in social networks, ”added the analyst.

Today Musk, the head of one of the largest cryptocurrency holders among public companies, electric car maker Tesla, posted a meme on his Twitter with the word bitcoin and a broken heart emoji. Around this time, the last wave of decline in cryptocurrency quotes began. One must wonder if Mr Munk’s strategy worked or was it too late at least for users such as you who are aware of what is going wrong now.

The main reason why the cryptocurrency cannot overcome the $ 40K mark is in the absence of fundamental triggers. The market has found equilibrium and, most likely, will remain in it until the news background changes, explained the head of the data analysis department of CEX.IO Broker Yuriy Mazur. He noted that the first cryptocurrency showed significant resilience, although the entire last month was under strong informational pressure from both Tesla and the Chinese authorities.

“We see the main risk for cryptocurrency in the fall of this year, because, perhaps, in August, maybe even earlier, the US will hint at the timing of winding down economic stimulus, and thus, will give investors a signal about the need to fix profits on assets. If this event is superimposed on the negative background from China and large corporations, bitcoin may return to $ 20 thousand, ”the analyst predicted. (Read: Bitcoin price declines close above all-time high) – RBC UK Investing editor Michael Evans commented “It’s difficult not just for banks but also hedge funds who are still using cryptocurrencies; however as they have become more institutionalised there can be higher volatility.”

“We see the main risk for cryptocurrency in the fall of this year, because, perhaps, in August, maybe even earlier, the US will hint at the timing of winding down economic stimulus, and thus, will give investors a signal about the need to fix profits on assets. If this event is superimposed on the negative background from China and large corporations, bitcoin may return to $ 20 thousand, ”the analyst predicted.

The likelihood of a further fall in the rate is high, says Anton Kravchenko, CEO of Xena Financial Systems – if a new wave of decline occurs, then Bitcoin will definitely go below the $ 30 thousand mark.

Mazur stressed that Bitcoin is now “at a crossroads”, so both a positive scenario and a negative one are possible. But for now, the specialist adheres to a moderately positive scenario. He does not feel it’s good enough to consider anything less than an all-time highs or lows; his aim remains steady until we reach something like 2015.

“Time for great movements.” What will happen to Bitcoin at the weekend

There is often increased volatility in the market at the end of the week. Experts explained why abnormal falls should not be expected, and in what range the first cryptocurrency will be traded

Over the past day, bitcoin has risen in price by 3%, to $ 37.7 thousand. The first cryptocurrency is recovering after yesterday its price fell to $ 36.5 thousand. In the past two weeks, the asset several times made unsuccessful attempts to overcome the level of $ 40 thousand. At the same time often on weekends, cryptocurrency quotes are subject to high fluctuations. Experts told what to expect from the market in the next two days.

One should not expect active movements on the weekend, Sergey Zhdanov, CEO of the EXMO cryptoexchange, is sure. According to him, a breakdown of $ 30,000 is unlikely, since this level was a support in late January and early February. In addition, at such prices, most likely, funds and companies that bought bitcoin at a higher price are already incurring losses. Therefore, in order to improve the situation, they will resume purchases, the expert said. A few hours later he added that if some people try buying cryptocurrencies again tomorrow with more cash then their investment could decrease dramatically. It would be very bad for investors who intend withdrawing money when all options failed,” Mr Zhanover concluded.[…]
The Exmo Bitcoin exchange had lost around 20% of it’s customer base between 2014/2015. This week however, traders’ profits did not slow down any more as trading volume increased significantly!

However, he added that, in fact, the market is most likely waiting for a sideways range, after which a new loud fundamental factor will appear, which will again warm up the bullish sentiment.

Vladimir Smetanin, General Director of the financial company Newcent, agreed with Zhdanov. According to him, on Thursday there was a hope that bitcoin would go above $ 40 thousand, but this did not succeed due to large sales of $ 39 thousand. Now the cryptocurrency is trading in the range of $ 30-40 thousand, but the weekend is a time of big movements due to for low liquidity, the specialist recalled.

In the medium term, bitcoin goes to $ 47 thousand, and the falls are well bought off, added Andrey Podolyan, CEO of the Cryptorg.exchange crypto exchange. He explained that if quotations grow, they will face resistance levels of $ 41,000, $ 42,500, $ 45,000 and $ 47,000. The decline then starts another move towards lower prices until some positive signs take place from next Friday onwards.

At the bottom, the critical point for bulls is the $ 33,000 level, Podolyan warned. If it breaks out, the bitcoin price may go below $ 30 thousand. However, the expert noted that he does not expect abnormal movements at the weekend, and everything will probably be within the volatility of the last week.
“I think when we talk about 2016 being bad news… I am very confident what happens in 2017 to come,” Podolkyan said. “When 2015 was just starting on a positive note they did find two points ahead as there are five months left before November.”

Over the past day, the cost of bitcoin has decreased by 7%, to $ 36.7 thousand.At the same time, on the morning of June 4, the cryptocurrency once again unsuccessfully stormed the level of $ 40 thousand, reaching $ 39.5 thousand.In China alone Bitcoin’s price is now at a valuation which exceeds that reached in Hong Kong and Taiwan for instance, where it had been trading over $ 120 thousand dollars per month during July 2016.

What cryptocurrencies to pay attention to in June.

Market correction – an opportunity to purchase promising altcoins. The best options from the field of decentralized finance to the largest digital coins in terms of capitalization

RBC-Crypto does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses. You should consult with your personal tax advisor before investing in cryptocurrency or any other securities you may wish
of an issuer which invests in and/or issues cryptocurrencies by issuing cryptosignatures such as Nodes (the cryptographic network on which all transactions occur), Ethereum. There are additional risks associated when using Bitcoin digital currency due their use requires significant resource usage from computing resources involved rather than just spending money buying computer hardware at retailers where it sold out faster compared bitcoin price rises was expected after much higher adoption rates seen earlier year i.e 2013

Ethereum

It is Ethereum that the billionaire Karl Icahn prefers over bitcoin, who is ready to invest up to $ 1.5 billion in the field of cryptocurrencies. The entrepreneur noted in an interview with Bloomberg that Ethereum can be used both as a store of value and as a means of payment.

Earlier, Nigel Green, CEO of deVere Group, expressed confidence that Ethereum will replace Bitcoin. The company operates in the field of asset management with total investor funds in excess of $ 10 billion. Green is confident that with the interest of institutional investors, and the boom in sectors such as DeFi and NFT, Ether has excellent prospects.

CEO deVere is confident that bitcoin is a technologically more backward currency, in which, for example, smart contracts cannot be implemented. The only thing that Ethereum is inferior to Bitcoin is in cost and popularity. However this point does not stop others from jumping on board it if they believe there are advantages within ethereum’s ecosystem: digital assets generally have zero transaction fees! Also, at present some experts predict strong growth potential among ICOs coming down the road — also blockchain tech-enabled decentralized applications (Dapps) like Blockchain could prove popular too.

Chainlink

Chainlink is the first network of decentralized oracles between blockchains and smart contracts, and among its partners is the Swift payment system. Also, the coin is in the portfolio of the Grayscale investment fund. Long Forecast experts are confident that the altcoin will renew its price maximum of $ 52 in July this year, and break the $ 100 mark in winter.
And on it goes!

Coins far from the historical high

The total capitalization of the crypto market in 2021 exceeded the absolute record of the winter of 2017-2018 above $ 800 billion, and despite the correction is about $ 1.6 trillion. However, there are a number of coins that are still trading below all-time highs. For example, Tezos (XTZ), which peaked in December 2017 at around $ 10.5, is now trading at $ 3.

Ubisoft is working with Tezos, which are also affiliated with developers at Nomadic Labs, who are also associated with France’s Central Bank Digital Currency (CBDC) project.

Far from historical highs and “anonymous” cryptocurrencies – Monero, Dash, ZCash. For Monero, the 2018 peak of $ 479 was only reached on May 8, and the current price is $ 275. The all-time high for Dash is $ 1329 at the current price of $ 186. For Zec, it is $ 854 at the current price of $ 154. But these prices were just preliminary estimates based upon speculation over some time period. We won’t go into details as to why this occurred or what will happen moving forward due their anonymity nature. All we know right now is that most people believe Bitcoin value has come back higher than anyone ever expected since its inception sometime during 2015. This means even if one thinks cryptocurrency might not last forever they have no way better track record/analysis today before any significant amount gets lost overnight because every major blockchain fork happens within months anyway when nobody else knew anything prior to them making money off those forks…

“Trigger for Entry”. What to expect from the crypto market next week

Over the past two days, Bitcoin has fallen in price by 8%. This happened after the digital coin tried to overcome the $ 40 thousand mark.What is happening with cryptocurrencies now, and will the decline in quotations continue in the coming days

At the end of the current working week, bitcoin tried to overcome the $ 40 thousand mark, but the coin rate collapsed after another tweet from the CEO of Tesla and SpaceX Elon Musk. The businessman posted a meme with the word bitcoin and a broken heart emoji. Over the past two days, the cost of Bitcoin has decreased by 8%, Ethereum has fallen in price by 7%, and the Binance Coin rate has fallen by 8%. RBC-Crypto experts explained what is happening on the crypto market and whether the decline in quotations will continue next week. “If you look at Ripple’s valuation right now we had been down as low around this point,” said Scott Lutz, cofounder & CTO at Coinbase. “This gives investors hope that things are moving upwards.” It was not long before people realized it might be possible for something like cryptocurrencies (XRP) or blockchain tokens to achieve mainstream adoption among consumers via their smart contract systems, similar currencies such Asircoin or Airdropcoins, say some exchanges brokers. This meant they started looking into companies creating an exchange based off these new coins themselves.

Effect Mask

Despite the fact that some crypto investors are already skeptical about Elon Musk’s statements, the overwhelming majority perceive his words as a direct instruction for action, noted the head of the analytical department of AMarkets Artem Deev. According to him, the decisive role is played by the fact that Musk, as a representative of the American establishment, has classified information and therefore can see the future

. Another reason why crypto investors react to the statements of various media persons is the low market capitalization, said Viktor Pershikov, a leading analyst at 8848 Invest. He argues that low capitalization does not allow digital asset owners to feel confident. The analyst also suggested that crypto investors have not yet recovered from the last market crash, so they are especially sensitive to any news event. “In this current environment, people don’t trust anything anymore,” says Mr Derev in an interview with CoinDesk Europe.

‘I won’ – In regards how he feels towards Tesla CEO Elon Muskevoort’s views on cryptocurrency regulation, Sergei Ryabkovsky (TSK) believes it was actually very lucky since many cryptocurrencies managed significantly less than $1B under regulatory scrutiny after their launch. TSK commented: “[Musk] didn´t mention more specific terms but instead emphasised what everyone could read – there is no need now or ever again do something illegal.” Although several major blockchain projects did achieve significant amounts durin

Institutional Entry Trigger

After the collapse of the cryptocurrency market on May 19, the bitcoin rate is in the range of $ 30-40 thousand. Next week, the main cryptocurrency may get out of this range, according to a leading analyst at 8848 Invest. He does not exclude that in the coming days a local correction may occur, which will lower the bitcoin price below $ 30 thousand, but this may become a trigger for the entry of new volumes of institutional participants, and the subsequent rise in prices.
The Chinese government has recently issued numerous warnings regarding financial crimes committed by individuals involved with virtual currencies including pyramid schemes, child pornography and money laundering. This makes it unlikely these are simply cases where criminals who have invested from time through now would be forced into trading cryptocurrencies due their greediness towards profit or because they know how much there is to gain while still waiting for what comes next—a real investment opportunity should come upon them…

How can you be deceived. Cryptocurrency Fraud Schemes

Fake giveaways and Steve Wozniak

One of the popular cryptocurrency fraud schemes is fake digital coin giveaways. Attackers are taking advantage of the fact that many people want to get cryptocurrency for free. In social networks, forums and other sources of information, scammers post announcements that they are ready to double the amount that the investor will send to their wallet. However, they do not send back the cryptocurrency.

In 2020, Apple co-founder Steve Wozniak was involved in such a fraudulent scheme. Scammers used his name to attract victims. The attackers posted videos on YouTube in which they convinced users to send cryptocurrency to a specific address, promising to send twice as much in return.

The businessman filed a lawsuit against YouTube, but his claim was dismissed with reference to US federal law, according to which Internet platforms are not responsible for content posted by users. The scammers also used the names of other famous personalities: Bill Gates, Elon Musk and Michael Dell.

In 2020, the police accused the 17-year-old of conducting one of the largest attacks on the social network Twitter and gaining access to the accounts of Elon Musk, Bill Gates and other celebrities. Using the accounts of businessmen, the fraudster implemented a similar scheme, promising users to double their funds. A year later he hacked into private email account of famous American actor Ashton Kutcher after being tipped off about his latest business venture. An online drug trafficking ring that operated under the name “Bitpimp” from 2009 to 2012 gained $4 million in profits through fake reviews for drugs at Amazon.com before it was busted by prosecutors over allegations it made false claims or deceived customers with illegal purchases. Prosecutors said BitPimps were selling these products using fraudulent customer support pages but provided no evidence beyond statements they had used Facebook’s free tools (some claimed sales figures did not include taxes). The FBI launched an investigation when investigators noticed several post.

Fake exchangers

Over the past few years, the number of cryptocurrency wallets, exchanges, exchangers and other services has increased significantly. Fraudsters use this to create their own exchange offices that are not engaged in exchanging, but stealing funds. Users are attracted to such sites with the help of supposedly closed information about what can be earned here on fluctuations in exchange rates.

Usually attackers describe this scheme as “rubles – cryptocurrency – rubles”. They promise the user a profit after buying digital coins in a real exchanger with their subsequent resale on a fraudulent platform. Real exchange platforms in such schemes are used to increase trust.

The essence of the scheme is that the user buys cryptocurrency for rubles on a real platform. Then he turns to the scam platform, since they offer a very favorable exchange rate for cryptocurrency to rubles. But there is no exchange. As soon as a user sends funds to a fake exchanger, he loses them. So using stolen currency becomes easier through increasing numbers: it only takes seconds until users begin losing money from hacked machines, sometimes even faster than normal withdrawal delays caused by an irregular network communication between financial institutions. The value of virtual currencies depends mostly upon market price or speculators’ expectations regarding future demand; thus some legitimate markets may look better today while others will disappear shortly thereafter. In general, frauds who gain control over “fake” systems pose more of business risk because people lose faith when things go wrong behind-the time — often causing economic losses like unemployment, bank accounts closures which later turn out expensive ones (“boomers,” say news agencies).