Virtual currency “a brother” bitcoin continue to break through, the first rose above the level of 58,000 U.S. dollars, but in the United States Treasury Secretary Yellen high-profile criticism of bitcoin often used for illegal financing and inefficient, with a very high speculative, once from the high plunge 19%! JPMorgan Chase also pointed out that the market liquidity of bitcoin has begun to deteriorate. Some market participants even warned that the U.S. economy restarted after the potential to promote Inflation, when governments or try to “destroy” bitcoin.
The trading platform CryptoCompare data shows that bitcoin once surged to $58,355 after having a low of $47,204, a high and low range of more than $11,100. In addition to Yellen’s attack, the U.S. Federal Reserve Bank of Boston President Eric Rosengren also said he was “surprised” that bitcoin could continue to thrive. He predicted that when countries launch official digital currencies that can replace bitcoin, the market will lose the reason to use or invest in bitcoin, and as Time passes, the price is expected to be under pressure, and revealed that the bank will also consider studying the possibility of issuing digital currencies in the United States.
Bitcoin has recently been seen by friends as a hedge against inflation, and Michael Burry, a well-known hedge fund manager and prototype of the protagonist of the movie “Putting it all on the line”, warned that if an inflation crisis breaks out, countries will vigorously fight against competitors of fiat currencies, namely bitcoin and Gold, in order to protect the status of fiat currencies.
Looking ahead, JPMorgan strategist Nikolaos Panigirtzoglou said the bitcoin market is currently far less liquid than gold or the S&P 500, meaning even small flows could have a significant impact on bitcoin prices, both up and down, depending on how much demand there is for the virtual asset.
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