Bitcoin will crash soon
Bitcoin: crash with announcement
The swings in the cryptocurrency are severe - so the latest setback should come as no surprise. While there is no fundamentals, the outlook remains bright.
Bitcoin lost 10% on Friday morning and fell below $ 50,000. Since the peak in mid-April, the loss in value has been almost a quarter. That shouldn't come as a surprise to investors. If you look at the past few months, the cryptocurrency is currently doing what it always does: it rises strongly, it consolidates and corrects and then rises even more. There is no fundamental data available that would give an indication of the correct valuation level. That could be $ 4,000 or $ 400,000. The range of course targets given by analysts is even broader. The decisive factor, however, is that the demand is high and the supply is limited.
In particular, reports from the US that the government could almost double the capital gains tax sent Bitcoin and other cryptocurrencies on a downward slide. There are also indications that a popular crypto exchange in Turkey has cheated customers out of billions. The announcement by the US administration that it would take tougher action against money laundering using cryptocurrencies, as well as a large-scale power outage in China that hit many mining companies, had been putting a strain on prices since the beginning of the week.
However, as long as established companies shift liquid funds into Bitcoin, formerly skeptical banks issue crypto investment products, central banks deal with stablecoins and investors see digital currencies as an instrument for protecting against inflation and storing value, crypto quotations will also rise. In the future, Bitcoin could lose ground to other currencies that have more functionalities and are less energy-intensive.
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