Marshall Swatt, founder and president of Swatt Exchange
“In general, we are in a bear market. It is a correction from the extreme bull market that overpriced the entire asset class. This correction is not surprising. The introduction of CME futures coincided exactly with the peak of BTC price. The introduction allowed investors to short and bet against BTC for the first time, and that introduced significant selling pressure in the market. I believe that really started the correction, which then spread to alt-coins as well”.
Pavel Shchipanov, head of the analysis and research group ICBF
"The current decline can be considered from different points of view and as well as using methods of analysis. Therefore, to begin with, we note that the current decline is only part of the general movement of Bitcoin since December 2017. Therefore, from a technical point of view, a completely logical collapse occurs on the chart. And the fact that even at the beginning of May the cost of the very first cryptocurrency went down from $ 10,000 to the current $ 6,500, it is only an integral part of a more global movement. But not only the situation on the chart affected the change in value — a significant role was played by the news."
Olga Prokhorova, expert of the "International Financial Center"
"Cryptomarket collapsed after the hacking of the Coinrail stock exchange on June 10. Attackers stole tokens for $ 38 million. Although Coinrail is not a top crypto exchange, hacker attacks remain one of the most obvious vulnerabilities of the cryptocurrency market, and news about them affects the price negatively. Besides, the cost of Bitcoin was reduced after the news that the Commodity Futures Trading Commission (CFTC) demanded Bitcoin exchanges Coinbase, Kraken, Bitstamp, and itBit provide detailed data on their trades".
Mikhail Mashchenko, analyst of the social network for investors eToro in Russia and the CIS
"There is no need to look for new reasons for the next drop in quotations. First, the "bearish" technical picture remains unchanged: quotes and could not show significant signs of recovery and break down the downward trend. Secondly, no positive news could attract new customers. What about negative news, there were more than enough: a break in Coinrail and an investigation of the CFTC in respect of Coinbase, Kraken, Bitstamp, and itBit. Moreover, the dollar continues its "rally", which has a negative impact on the quotes of the cryptocurrency. Also, the general situation in global markets is not conducive to investing in risky assets".
Maria Salnikova, leading analyst of Expert Plus LLC
"In general, the capitalization of the market has been in the drawdown since early May, and the losses are 33-34%. All TOP-ten currencies, from Bitcoin to NEO, become cheaper, and that is quite logical. At the bottom of each asset, there is strong support, where the buyer can be activated, and the potential of the move to these strong ranges is already getting less. There remains the question of implementing the script concerning the news trigger. So, the decision on the rate of the US Federal Reserve, with a tightening of monetary policy on June 13, was the reason for an additional decline and suspension of the fall of the cryptocurrency. What’s next? We are probably waiting for trading activities on June 22, at a meeting of the OPEC countries".
It is difficult to say what will happen to the foremost cryptocurrency further. Some experts predict a decrease in the cost of BTC to $ 1,000, and others believe that the trend will reverse in the near future and in a few months, one Bitcoin will cost more than $ 15,000.
Stay tuned to the latest news, articles and events from digital economy with Bitnewstoday newsletter.
You have been successfully subscribed to our newsletter!