Bitcoin Price Lopsided; Its A Difficult Time to Own Cryptocurrencies

Bitcoin Price Lopsided

Bitcoin (BTC) and other digital currencies continue to make wild swings which are caused by several unanswered questions that market forces have yet to respond to. Divided market opinion between the market pundits and business magnates over the future fundamentals are adding to bearish sentiments.

This is because bitcoin and other digital currencies are making more significant downside swings than upside moves in the last three months.

Bitcoin price volatility extended into this week; BTC price had hit almost $10,000 in early trade on Monday before fumbling back below $9,000 later in the day – the coin continues to trade in the range of $9,100 level in Tuesday trade.

Bitcoin Price Lopsided

Is it the Perfect Time to Own Cryptocurrencies?

Though bulls believe that bitcoin and the rest of cryptocurrencies are likely to make steady upside growth this year, there is no evidence to think that the financial world will accept digital currencies as an alternative to traditional currencies.

Along with the lack of underlying value, the price volatility is among the biggest weakness of cryptocurrencies to believe it as an alternative currency, analysts say.

Goldman Sachs claim the risk of plunging below the February lows of $6000 is inevitable. 

Regulators have started taking essential steps, including registration of exchanges to help crypto markets to build traders confidence. While it’s just the beginning, they have to dig deeper into crypto markets to completely vanish the illegalities and price manipulation scams.

Bitcoin price isn’t reacting strongly to regulators actions; the involvement of huge trading volume from illegal activities continues to impact prices – criminals don’t appreciate SEC interference in crypto markets.  Bitcoin expert Tom Lee said it will be a very “tough time to own” digital currencies in the coming weeks.

Featured Image: twitter

  • Superlative Critic

    JPY now owns 62% of the market. USD a mere 22%. The Japanese now control the market. Ever since Kobayashi stopped dumping the market last week, the Japanese market has turned bullish. Only when the Japanese fall asleep does the market turn bearish because of the US market sentiment. However, there are signs that the US bears are tiring as the market slowly creeps up during US hours, despite the best efforts of US bears. I am looking to see if the Japanese will take over tonight and take btc above $9500.

    Yesterdcay the Japanese woke to $8900 btc, but pushed it up past $9400. Today, they are waking up to $9100 btc, so expecting btc to soar above $9500 tonight. If the US market wakes up to $9500 btc, it may be enough to turn US markets bullish.