Famous Japanese economist Yukio Noguchi is not waiting for the next sharp jump of the prices of Bitcoin. Advisor of the financial center of Waseda University published a study of the market, which eliminates the possibility of a quick start bullrun. It is reported by Bitcoin.
The growth of Bitcoin is canceled
Noguchi mentioned that the price of the home cryptocurrency fell almost threefold from its peak in 2017. The lack of growth analyst blames futures on the crypt. In his opinion, they are the main reasonwhy we will not see a sharp rise of Bitcoin.
The expert also acknowledges a positive side of depreciation. Noguchi noted that the Commission now in the network of Bitcoin is low as ever. While cryptocurrency is more profitable to use than traditional Bank transfers.
Let’s start with the fact that the price of Bitcoin was in a bubble. We are now seeing a gradual return cryptocurrency to its real value. Federal Bank of San Francisco in your report confirms my suspicions – futures Bitcoin was the main reason for the fall in its price.
Noguchi referred to the document published by the Bank on 7 may. In the report “How to trade futures changed the price of Bitcoin” Bank representatives cite the evidence for his hypothesis.
Since its establishment in 2009 until mid-2017, the price of Bitcoin rose above $ 4,000. In the second half of last year, the course of bitcoin soared to $ 20,000. Peak price action came during the launch of futures Chicago Mercantile Exchange. A sharp jump and then a hard drop immediately after the start of trading may not be a coincidence.
Japanese analyst predicts several waves of depreciation of Bitcoin. According to him, some big players of the market is still very profitable to short bitcoin. What about the popularity of the crypt?
Surprisingly, Noguchi considers the decline of the hype around Bitcoin a positive thing. More than falling popularity, the more reduced price and even cheaper to use Bitcoin to transfer funds due to low commissions.
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