Analysts: Bitcoin pulls the entire market down once again
Bitcoin is weakening before the weekend, and at the moment another sideways trend is the least desirable thing for the market, so now events can develop faster than expected, and price impulses can become sharper. This was reported to LetKnow.News by a team of FxPro analysts.
Altcoins to a greater or lesser extent duplicate the dynamics of the reference cryptocurrency, remaining generally depressed without any reference points. All fundamental news has also lost shape, ”they say.
Analysts draw attention to the fact that market participants are increasingly less likely to remember that they own precisely “currencies”, and all informational reasons began to come down to just a potential increase or decrease in price.
“Even over the years passed, cryptocurrencies are still far from becoming a superstructure over the financial system. They still have not supplanted traditional money, have not attracted mafia’s and offshore money, and therefore they are still considered as a speculative tool,” the review says.
Such scenario was predicted by many old-timers of the traditional financial market, so the appearance of cryptocurrencies did not cause any concern among central banks and politicians. With the exception of Trump's one-time populist attacks against Bitcoin, no one puts sticks in wheels of crypto on purpose.
“Only the appearance of Libra from Facebook caused a stir among officials at all levels. The confrontation turned out to be so fierce that WSJ announced a possible refusal to participate in the MasterCard and Visa projects. Companies are closely connected with the traditional financial system, and the increased attention of regulators is the last thing they would like, ”continued FxPro.
Everything turns out in a way so that other large companies participating in the consortium may be under pressure from central banks and officials.
“In that case, Facebook will have several options: to admit a deafening failure, or try to launch the project completely on its“ firepower ”. Facebook has it, however, if you recall which country the company operates in, you can assume that Libra will be allowed to work only outside developed markets,” experts say.
At the same time, the whole situation around Libra raises many questions about the future of the Telegram
“At the moment there are no attacks against this project, since everyone is too passionate about Libra. Nevertheless, in the case of TON, the plans of the developers are also very large-scale, and a fierce reaction against this project is likely to put an end to other similar undertakings,” the market analysis says.
Experts bring us to the question: what do we have now, 2 years after crypto hype and the time when cryptocurrencies and digital currencies reached historic highs in December 2017?
“Cryptocurrencies have lost their guiding lines, they have not begun to be used as a means of payment. Participants of the crypto sector, if they want to work in large markets, are required to ask the regulators for permission, which fundamentally distorts the initial idea of the “crypto project”, they concluded.