The largest crypto-currencies lose in the price on Monday morning, according to the trading data.
According to CoinMarketCap, by 07:52 Moscow time, bitcoin was down 2.6% to $ 13.8 thousand. On OKEx, it fell 5% to $ 13.49 thousand, on Bitfinex – by 1.5% to $ 13.6 thousand. According to the Coindesk portal, bitcoin went up by 0.1% to $ 13.6 thousand.
As for other crypto currencies, Ethereum is cheaper by 2% to $ 1.35 thousand, Ripple – by 4.1% to $ 1.86, Bitcoin Cash – by 4.1% to $ 2.55 thousand. Capitalization of the market is $ 707.54 billion, bitcoin accounts for approximately 33%.
According to analysts, after crossing the $ 13.5 thousand line, the next psychological mark will be the level of $ 10 thousand, below which the currency was traded in November last year.
“If bitcoin again overcame this mark, the critical question would be whether investors would buy the fallen crypto currency or would it lead to further selling,” said Boris Schlossberg, managing director for foreign exchange strategy at BK Asset Management.
Recall last week on Thursday, the bitcoine rate sharply declined due to news that South Korea intends to prohibit operations with virtual currency, but quickly resumed growth after refuting these data.
In a report for clients of one of the largest investment banks, Goldman Sachs, financial analyst Zack Pandle acknowledged that in the long term, crypto-currencies will become “stable” quiet havens with low costs. “Bitcoin can also be useful in regions where governments impose strict rules on the use of traditional currencies from other countries.
“In recent decades, the US dollar has served its purpose relatively well. However, for those countries and segments of the financial system, where traditional monetary services are underdeveloped, crypto-currencies can become a viable alternative, “said Goldman Sachs analysts Zak Pandle and Charles Himmelberg.
However, if the crypto currency is widely spread, investors should not rely on astronomical incomes like those that recently attracted unprecedented attention to this market.
Despite the positive attitude towards bitcoin, the expert clearly sees signs of a “classic speculative bubble” in the crypto-currency market.
“Our working hypothesis is that long-term revenues from crypto currency should equal (or be slightly lower) with the growth of world real output – an indicator with growth rates of several percent.” Thus, the crypto-currencies should be considered as assets with low / zero yield or protective assets like gold or some other metal,” the report said.