Bitcoin keeps growing on Thursday. At press time, the cryptocurrency is trading at $ 7,559. This is equivalent to a daily increase in the value of 7.19%. Other assets from the TOP 10 of CoinMarketCap rating also demonstrated positive dynamics.
However, economist Nouriel Roubini, who predicted a global financial crisis, drew attention to the situation around Ethereum cryptocurrency amid the theft of $ 50 million in ETH from the South Korean exchange Upbit. The specialist believes that “crypto-apocalypse” has arrived in the digital asset market.
Crypto-Apocalypse: Ethereum down 90% from the peak, in free fall and now close to the 2018 low. Still a long way from zero that is its fundamental value. Actually it is worth negative given all the toxic externalities of energy waste and pollution that its mining generates
— Nouriel Roubini (@Nouriel) November 27, 2019
Other assets, the specialist noted, are also traded below their peak value.
Crypto-Carnage: BTC down 65% from peak; other top 10 crypto-currencies down 80% from peak. 1000s of other shitcoins down 95% to 99% from peak. Total crypto-apocalypse!
— Nouriel Roubini (@Nouriel) November 26, 2019
At the same time, according to the service CoinFairValue, the price of Ripple’s coin XRP is underestimated. Therefore, the fair value of the asset is about $ 1, which is five times higher than its current market value based on the practical use of the coin.
Against the backdrop of rising prices in the digital asset market, the famous trader Peter Brandt, who had previously predicted a drop in Bitcoin prices in 2018, noted a BTC rate rebound from the moving average. Technically, the indicator speaks about the prospect of a positive movement.
— Peter Brandt (@PeterLBrandt) November 27, 2019
At the same time, users drew attention to the fact that BTC price growth can be cut off near the upper limit of the current channel.
Another popular blogger CryptOrca drew attention to the depreciation of the cryptocurrency below an important support level. According to him, to continue the growth of BTC should gain a foothold above $ 7,500.
We seriously need +$7500 … it doesnt look pretty. pic.twitter.com/gWDrk32yyi
— CryptOrca (@CryptOrca) November 27, 2019
Most participants in the crypto community see the prospects for a positive Bitcoin movement until December 1.
Against the background of forecasts, the popular analyst, a blogger under the nickname PlanB, reminded his followers about the growth opportunities for BTC, against the background of the approaching halving. Recall trader PlanB predicted the achievement of a Bitcoin level of $ 10,000 by the end of the year.
The Impact Of US Bill Backing Hong Kong Protesters
US President Trump has just signed a bill backing Hong Kong protesters. As a result, this affects negatively the price of US shares, and it affects positively the price of Bitcoin.
Global stocks drop after US President Trump signed a bill backing Hong Kong protesters, dents optimistic mood. S&P 500 had risen 0.4% ahead of Thanksgiving holiday break. Bonds drop w/US 10y yield at 1.77%, Japan's 10y yield at -0.1%. Euro back >$1.10. Gold at 1457, Bitcoin $7.5k pic.twitter.com/QVd8xAPJSZ
— Holger Zschaepitz (@Schuldensuehner) November 28, 2019
As we know, protests in Hong Kong found an active phase at the beginning of November. Activists massively take to the streets, and security forces confront them with various methods.
Crisis in Hong Kong may spur Bitcoin price increase. This is due at least to the fact that representatives of the upper and middle class begin to move their assets abroad. And cryptocurrency helps them in this. Hong Kong authorities were going to pass an unpopular bill, which caused public outrage.
Now many people fear that the adoption of the bill will lead to an increase in funds outflows and a further reduction in liquidity. Accordingly, wealthy residents are now looking for ways to move their capital and wealth abroad.
If political unrest continues, this may push even more prosperous residents to protect their assets. It is logical that they look at the world’s first apolitical and limitless repository of value in Bitcoin. Cryptocurrencies can help them avoid government surveillance and forfeiture.