Why fell Bitcoin: the version of the blockchain startup Chainalysis
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In early March, Harvard economist Kenneth Rogoff predicting Bitcoin exchange rate. In his opinion, by 2028 per coin will rather give $ 100 than 100 thousand. The reason for the popularity of operations on money-laundering and tax evasion. The first cryptocurrency has fallen more than three times from $20 000 to $6 000. His version of the reasons for the collapse of the coin, a blockchain startup from USA Chainalysis.
theWhat will happen to Bitcoin
the Company has published a report "the Great fall of bitcoin and what lies ahead". It was called mass selling coins a consequence of the too rigid action of the state regulator. The latter took restrictive measures at the moment when the bitcoin price pushed up only positive attitude of investors is not backed by fundamental drivers.
Traditional markets have several fundamental indicators that investors understand and assess price fluctuations and changes in trade volumes. The cryptocurrency industry is still undecided with the fundamental values in the periods of high volatility.
Another reason for the decline in the exchange rate was a high rate of correlation between the largest cryptomeria, which reached its peak at the end of 2017. What was happening on the same site some time later was repeated in the other. In December, when investors worldwide began to buy more crypto-currencies than to sell, the market could not keep prices high, confident in Chainalysis.
Since the same correlation can be traced between Bitcoin and other cryptocurrencies, the whole market in the beginning of 2018 went down.
Earlier, analysts Bank Goldman Sachs Zach Pandl and Charles Himmelberg that Bitcoin could replace national currency in some countries. As an example, they cited the African country. For example, the Democratic Republic of the Congo, where 90 percent of Bank deposits and loans have in a foreign currency. Another option is Zimbabwe, where the local currency was taken out of circulation in 2015.
Analysts point out, Bitcoin will be useful where governments impose severe restrictions on the circulation of foreign currency.
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