Ripple price struggled to clear the $0.3320 resistance and declined steadily against the US dollar.The price declined below the $0.3200 support area and revisited the $0.3175 support area.There are two bearish trend lines in place with resistance at $0.3260 and $0.3280 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair remains at a huge risk of more losses if there is a break below the $0.3175 and $0.3160 supports.Ripple price failed to gain strength against the US Dollar despite positive moves in bitcoin. XRP declined below $0.3225 and $0.3200, and it is currently trading with a strong bearish bias.Ripple Price AnalysisYesterday, we saw a decent upward move in ripple price above $0.3250 against the US Dollar. The XRP/USD pair climbed above the $0.3280 and $0.3300 resistance levels. BTC’s rise above the $5,500 level helped XRP in moving past $0.3300, but it struggled to gain strength above the $0.3320 resistance level. As a result, there was a fresh declined below the $0.3280 support and the 100 hourly simple moving average. The price even traded below the $0.3200 support level and tested the key $0.3175 support.It is currently consolidating above $0.3175, with a strong bearish bias. On the upside, an initial resistance is near the $0.3228 level. It represents the 50% Fib retracement level of the recent slide from the $0.3282 high to $0.3174 low. There are also two bearish trend lines in place with resistance at $0.3260 and $0.3280 on the hourly chart of the XRP/USD pair. The first trend line also coincides with the 100 hourly SMA and the 76.4% Fib retracement level of the recent slide from the $0.3282 high to $0.3174 low.Therefore, it won’t be easy for the bulls to gain traction above the $0.3260 and $0.3280 resistance levels. If there is a downside break below the $0.3175 support, there could be sharp losses. An initial support is at $0.3160, below which the price could decline heavily towards the $0.3100 or $0.3060 level.Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.3250, $0.3260 and $0.3280 levels. Until there is a close above $0.3300, there remains a risk of a sharp drop in the near term. An immediate hope for the bulls is at $0.3160, below which there is mostly an open space up to $0.3060.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone, with a negative bias.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level and testing 30.Major Support Levels – $0.3175, $0.3160 and $0.3100.Major Resistance Levels – $0.3260, $0.3280 and $0.3300.
Archives for April 23, 2019
ETH price struggled once again to gain strength above the $176 resistance against the US Dollar.The price declined sharply and broke the $172 and $170 support levels.There was a break below a major bullish trend line with support at $173 on the hourly chart of ETH/USD (data feed via Kraken).The pair could bounce back above $172 as long as it is trading above the $166 support area.Ethereum price failed to break important resistances versus the US Dollar and bitcoin. ETH declined sharply, but the bulls might protected the key $166 and $165 support levels.Ethereum Price AnalysisYesterday, we saw a fresh increase in Ethereum price above the $172 resistance against the US Dollar. The ETH/USD pair even settled above the $172 level and the 100 hourly simple moving average. There was a fresh rally in bitcoin price above $5,500, which pushed ETH price above the $175 level. However, the bulls failed to gain strength above the key $176 and $177 resistance levels. A swing high was formed near $177 and later the price started a sharp decline.It broke the $174, $172 and $170 support levels to move back in a bearish zone. There was also a close below the $172 pivot level and the 100 hourly SMA. The price traded close to the $166 support level and a swing low was formed near $167. At the outset, the price is consolidating losses near $167 and it is testing the 23.6% Fib retracement level of the recent slide from the $177 swing high to $167 swing low. It seems like the price might correct in the short term towards $170 or $172.Having said that, a close above the $172 level and the 100 hourly SMA is must for a decent upward move. The 50% Fib retracement level of the recent slide from the $177 swing high to $167 swing low is also near $172. If there is a close above $172, the price may revisit the $176 and $177 resistances. If not, the price might test the $166 or $165 support level in the near term.Looking at the chart, Ethereum price clearly trimmed most its gains and broke the key $172 and $170 supports. If sellers remain in action, there are chances of a downside extension below the $165 support. As long as the price is above $165, the bulls might attempt to push the price above $172.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently heavily in the bearish zone, with negative signs.Hourly RSI – The RSI for ETH/USD declined heavily below 50 and it is currently near the 27 level.Major Support Level – $166Major Resistance Level – $172
Bitcoin has become a significant funding source for one of Russia’s leading political dissidents.
Alexei Navalny, a politician believed by many to be President Vladimir Putin’s main opponent, has attracted more than 591 BTC in donations over the last three years, worth about $3 million at current prices, public blockchain data shows.
The donations became a flashpoint this week when a pro-Putin television network questioned their timing.
On Monday, an anonymous Telegram channel, “FBK Staffer’s Confession,” noted that the Navalny organization’s wallet received several large donations a few days before FBK published one such investigation, insinuating it was a paid hit piece. The claim was covered in Russian media, including the pro-Putin Tsargrad TV.
When contacted by Russian news publication Znak, FBK’s chief of staff Leonid Volkov denied any connection between the transactions and its investigations, saying the anonymous blogger “dragged the non-existent facts together in by the head and shoulders.”
“You can say that each time Encke’s Comet approaches the Earth it coincides with a big war: 1914 (First World War), 1941 (World War II) and 2014 (War on Eastern Ukraine). But its rotation period is three years, and it approached the Earth many times when there were no big wars.”
The Navalny wallet (address No. 3QzYvaRFY6bakFBW4YBRrzmwzTnfZcaA6E, listed on the donation page of his website) received its first bitcoin in December 2016 and since then has seen more than 2,000 transactions, including withdrawals, according to blockchain data.
Most transactions were worth a fraction of a bitcoin or several full coins. From time to time, larger transactions occurred, bringing in up to 20 BTC at once.
Yet Navalny’s political movement, which also accepts donations via bank transfers and PayPal, is not the only dissenting voice in Russia to take cryptocurrency.
However, their wallets have accumulated only small amounts of crypto, no more than 2 BTC each.
Image of Alexei Navalny via Shutterstock
By CCN: Don’t say we didn’t see it coming. John McAfee is not unveiling the true identity of bitcoin creator, Satoshi Nakamoto, at least not today. The mercurial tech maverick has put a stop to proceedings, alleging that due to an “imminent” extradition request to the United States, McAfee’s attorney believes outing Nakamoto to the world could be too dangerous for his client.
The US extradition request to the Bahamas is imminent. I met with Mario Gray, my extradition lawyer, and it is now clear (read his letter below) that releasing the identity of Satoshi at this time could influence the trial and risk my extradition. I cannot risk that. I’ll wait. pic.twitter.com/l8lTjR6fQM
— John McAfee (@officialmcafee) April 23, 2019
Our initial coverage suggested that McAfee might decline to reveal bitcoin’s father using the excuse of damage to the cryptocurrency community. In a rather amusing development, Fundstrat’s Thomas Lee felt the need to weigh in on this hilarious situation, seemingly suggesting that revealing Satoshi’s identity would hurt the BTC price, the community, or both.
Wouldn’t this be a negative development? Unless SN has passed away already… https://t.co/wvrgK7KvIf
— Thomas Lee (@fundstrat) April 23, 2019
Lee’s need to legitimize this saga was notable, but he wasn’t the only one adding fuel to this fire.
McAfee Tells Bloomberg Satoshi Nakamoto “Is Not A Happy Camper”
Marketing and politics go hand in hand. McAfee is likely going to make a run at the U.S. presidency. Skeptics and non-skeptics alike might suggest that the Satoshi talk is nothing more than a way to keep his name in the spotlight. In another extremely amusing happenstance, Bloomberg (probably in desperation to get clicks out of a wasted interview) released some glorious quotes from an interview with the cybersecurity entrepreneur that one can only describe as prime McAfee:
“People forget that I am a technologist, I am one of the best. My entire life I’ve been tracking people who are the best in the world at hiding their identity. Finding Satoshi was a piece of cake for me.”
Don’t worry there’s more. Big John claims that he has actually spoken to Satoshi, and the “technologist” has struck a nerve with the bitcoin creator:
“I’ve spoken with him, and he is not a happy camper about my attempt to out him.”
It’s pure gold; the fact that only two short quotes were useable for Bloomberg’s article is even more amusing. This has been fun while it lasted though, and you can’t deny the conviction that the security guru displayed.
Bitcoin Creator in Exchange for the Presidency?
Maybe during his election campaign, McAfee could run on the promise that he does reveal the identity of Satoshi Nakamoto. Only as president would the Bahamian resident feel safe enough to return to the U.S. and perform the unmasking. Has anyone ever run with the “I’ll tell you a secret when I’m president” angle?
Perhaps the grain of truth in all of this is that McAfee could very well be facing some legal proceedings that could lead to his extradition. Several high-profile cryptocurrency promoters and advocates faced lawsuits after the ICO boom.
Yes, this whole storyline was never going anywhere, but the bitcoin bull still got Bloomberg to run a legitimate story on his claims. It’s very obvious who won this round.
Ultimately, this quote best sums up the “Satoshi countdown” saga,
“If you own the facts, you may distort them as you like.”- John McAfee
By CCN: These are heady times for Binance Coin (BNB), the in-house cryptocurrency launched by the world’s largest crypto exchange, Binance. BNB hit a new all-time high a few days ago and the exchange successfully launched Binance chain, which features BNB and marks the coin’s independence from Ethereum. The cryptosphere has been filled with noises about BNB possibly being the new “Ethereum killer.” Weiss Ratings took the conversation a step further, suggesting that BNB might even be the new bitcoin.
— Weiss Ratings (@WeissRatings) April 22, 2019
BNB is currently the No. 7 cryptocurrency with a market share of $3.42 billion, up from $800 million at the start of the year. Data from CoinMarketCap shows that BNB has also recorded price growth of almost 300% year-to-date, rocketing up from $6.19 in early 2019 to about $24.18 currently. Binance CEO Changpeng “CZ” Zhao is doing something right.
Some people believe that BNB’s impressive numbers signal the end of the road for Ethereum. According to this school of thought, Ethereum, which has found much of its success as a host blockchain for ERC-20 tokens, has been proved to be irrelevant by Binance Chain. As a result, some now believe that Ethereum is facing a long-term decline heralded by the rise of BNB.
Not a Zero-Sum Game
CZ, however, is having none of it. Speaking on Twitter, the Binance chief remarked that he does not see ETH and BNB as rivals but as collaborators in the race to encourage adoption and mainstreaming. Responding to a user who suggested that BNB’s switch to Binance Chain would adversely affect Ethereum, Zhao said:
— CZ Binance (@cz_binance) April 22, 2019
Zhao’s comment is something of a minor sensation in the world of competitive crypto tokens, where it’s not uncommon to see founders and promoters mudslinging. The world of altcoins has long been host to a series of damaging tribal wars and incendiary comments intended to pump certain coins and damage others. The relatively small size of the crypto market means that some only see their survival as something to be gained at the expense of other projects.
This comment by CZ marks a watershed because, for the first time, a front line crypto personality with a successful coin and chain is not issuing taunts or Twitter comments to deride and bait competing coins. His message is that the crypto sky is big enough for all projects to fly, so any conflict is pointless and distracting.
Anyone who is familiar with the crypto industry will appreciate the significance of such a statement coming from someone like CZ. When compared to the insults fired off by Tron founder Justin Sun, for example, it’s clear CZ believes in a totally different strategy than fighting Ethereum for crypto’s No. 2 spot.
ETH can do a lot of other things Binance Chain can’t. @Binance_DEX just specialize on one use case.
— CZ Binance (@cz_binance) April 20, 2019
Is Crypto Finally Growing Up?
Zhao’s comment is particularly important because it points out the much-ignored truth that most prominent coins are designed to achieve different things, and as such are conceptually not supposed to be in competition. It was met with enthusiasm from crypto users commending him for exhibiting great leadership qualities and expressing hope that his words signal a new era of cooperation instead of pointless destruction in the crypto space.
Binance has also launched Binance Singapore, a fiat-BTC exchange with investment from a Singaporean sovereign fund-backed VC firm. The signs are there that it’s not just words coming from CZ. His message is that it is time to stop bickering and actually build something. Hopefully, that message will get through soon enough.
Bitcoin has blindsided bankers and brokers alike, due to its ability to bring substantial and unheard of returns on investments made in the new, emerging financial technology. It’s been compared to a number of other financial assets, including tech stocks, and has been positioned as the digital version of gold.
Despite being caught in a bout of sideways trading yesterday, Bitcoin has been able to maintain its upwards momentum and has now surged above the $5,600 level. This upwards momentum has so far been relatively isolated to BTC, as most other cryptocurrencies have not yet surged.Although Bitcoin may be in the process of gearing up for a big move to $6,000, one prominent analyst believes that BTC’s strongest level of resistance exists between $5,800 and $6,000, which may prove to be an arduous task for the cryptocurrency to break above.Bitcoin (BTC) Rapidly Surges to $5,600At the time of writing, Bitcoin is trading up nearly 5% at its current price of just above $5,600 and is up from its daily lows of just above $5,300.Today’s upwards surge marks a continuation of the upwards momentum Bitcoin first built earlier this month when BTC surged from the low-$4,000 region to highs of $5,400 – where the crypto found a significant amount of selling pressure that pushed it back down to roughly $5,000.Since then, Bitcoin has been tepidly advancing higher, and is now nearing its next key battle zone that exists between $5,800 and $6,000, which may act as a strong level of resistance.360Trader, a popular cryptocurrency analyst on Twitter, spoke about the strength of this resistance zone in a recent tweet, explaining that it may be a “beast of a resistance” that will require a significant amount of buying pressure to be broken above.“The real $BTC battle should be the $5800-$6000 marker. Back in the day it was a beast of a support … let’s see if it’s a beast of resistance,” he explained.The real $BTC battle should be the $5800-$6000 markerBack in the day it was a beast of a support … let’s see if it’s a beast of resistance.I’m gonna laugh my butt off if it’s conquered quickly tho. After all, this is #crypto yo.$BTC $ETH $BCH $LTC $XRP— 360Trader (@360_trader) April 23, 2019One possible factor that could help the cryptocurrency surge above this price level could be the tailwinds of the recent golden cross that Bitcoin formed – which many analysts believe could signal the reversal of the persisting bear trend.“The technical picture for [bitcoin] is looking increasingly bullish on the daily charts with the fabled bullish ‘golden cross’ slowly coming into play,” said Lukman Otunuga, a research analyst, while speaking to MarketWatch.BTC’s RSI Signals That Long-Term Bottom Has Formed From a technical perspective, it is not unreasonable to assume that Bitcoin has truly formed a long-term bottom that will allow it to continue surging higher, as its relative strength index is currently signaling that a bull run may be imminent.Mr. Anderson, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that BTC may see one more “healthy retracement” before the next bull run commences.“$BTC Bottom? Relative Strength say’s YES! In $BTC’s history, a Daily scale RSI near 85 has never occurred in the midst of a Bear Cycle. History shows RSI hitting these levels is always followed by a healthy retracement & the next Bull run,” he noted.$BTC Bottom?Relative Strength say’s YES!In $BTC‘s history, a Daily scale RSI near 85 has never occurred in the midst of a Bear CycleHistory shows RSI hitting these levels is always followed by a healthy retracement & the next Bull run pic.twitter.com/fPmd6RBci4— Mr. Anderson (@TrueCrypto28) April 23, 2019Although things are certainly looking up for the crypto markets, how Bitcoin responds to its next strong resistance region will likely signal whether or not the markets are ready for a bull run, or if further consolidation is needed.Featured image from Shutterstock.
Blockchain, the innovative distributed data storage method backing almost all of the more than 2,000 crypto assets existing today, has been often touted as a way to drastically improve the efficiency of traditional banking. However, according to the Head of Digital Market Assets at Credit Suisse, the uptake of the technology has been slower than many might have expected due to the “culture” surrounding banking.Decades after the internet revolutionised how we as a species share information, the current state of banking looks tragically dated in 2019. With the very real threat to traditional banking posed by crypto assets growing each year, Emmanuel Aidoo, of Credit Suisse, believes that 2019 will see an uptake of financial institutions using blockchain technology to improve their services.Emmanuel Aidoo: Banks Not Exactly Rushing Into BlockchainAccording to a report in Business Insider, Emmanuel Aidoo, the head of digital market assets at Credit Suisse, has stated it is banking culture that has so far slowed the adoption of blockchain technology in the financial industry. He said:“What is preventing the banking industry from rushing into it? I think it’s mostly culture… I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why.”Reading between the lines slightly, it appears that Aidoo is referencing a widespread acceptance of the status quo within banking circles. For an industry that faces direct competition from mobile bank-like services, such as Square and Venmo, as well as the rise of crypto assets like Bitcoin and Ether, not moving with the times in such a way could prove very dangerous indeed.Naturally, banking struggles to innovate at anywhere near the same pace as the digital asset industry. Being entirely centralised, ways to increase banking efficiency must come from above. The sheer number of developers working on Bitcoin, Ethereum, and other decentralised payment platforms around the world make for potential innovation that cannot be matched by these financial institutions. This concept is illustrated in the following rather lengthy video by Bitcoin evangelist Andreas Antonopoulos:Aidoo continued to highlight the current stagnation in the banking industry and how it risked being left being by financial innovation occurring in less traditional avenues such as crypto:“That is really important for companies to have people who challenge themselves to ask questions about the status quo… These are people who focus on change, not change for change’s sake, but an honest reflection for why we do things — can we do things better.”The Credit Suisse head did go on to state that he believes that 2019 will be the year that blockchain technology finally makes it into the banking industry in a big way. Already initiatives such a JPM Coin – a permissioned blockchain-based system that offers almost none of the true innovation of Bitcoin and other crypto assets – highlights that the industry is starting to explore the technology. However, very few real-world examples are actually live according to Aidoo.Ultimately, the slow movement of the banking industry could be a massive boon for crypto. If banks continue to fall behind in terms of the service they can offer versus leading cryptocurrencies, the market will eventually render them obsolete by choosing to favouring these non-traditional value transfer services over more traditional banking ones. Related Reading: Could JPM Coin Be the Negative Force Behind Ripple’s Recent Price Action?Featured Image from Shutterstock.
Lightning Labs just released an alpha version of its Lightning Network wallet. The desktop application is now compatible with Bitcoin’s mainnet and it leverages Neutrino (the protocol, not the analytics company acquired by Coinbase) to give users a lightweight option to “control their own funds,” as opposed to running a full node or trusting a third party to play custodian.
“This release required a diverse skill set of protocol engineering, product development and design thinking,” Tankred Hase, a Lightning Labs application developer, told Bitcoin Magazine. “I’m lucky enough to work with such a talented team at Lightning Labs where we can bring all those perspectives together. I’m hoping this release makes Bitcoin and Lightning more accessible to new types of users.”
The release, which Lightning Labs says in a blog post “is still an early version targeted at testers,” is immediately available for macOS, Windows and Linux, while smartphone applications for Android and iOS “are coming very soon,” Hase told us.
Hase also said that the Android app is still in development internally and the iOS iteration is “available publicly in pre-alpha in TestFlight.” He added that the company needs to “polish Lightning Network Daemon/Neutrino stability and performance” before the full releases.
For the desktop application, v0.5.0-alpha will launch on Bitcoin’s mainnet by default, while prior versions will now allow users to automatically update when they enter testnet (the testnet version will still be available, though it will likely be most useful for developers and engineers in light of this mainnet release).
The update has introduced a slew of improvements, according to Lightning Labs. It sports a unified balance to help users keep track of how much bitcoin they have on-chain or in payment channels, with the latter demarcated by a percentage under the aggregate balance. Users will also be able to view how many satoshis are in each channel with the app’s channel page.
Autopilot — a feature for the Lightning Network Daemon implementation that makes it easier to connect to nodes to set up channels — now includes a scoring system to judge which nodes would be most effective at routing payments. This autopilot mechanism is a default feature now, though the application also lets its users manage their node connections and channels manually if they wish.
“Selecting which node to open a channel to is something we don’t want our users to burden themselves with,” the post reads. “Selecting a set of initial channels is an important part of bootstrapping new users to the Lightning Network, and with this new system, we’ll ensure that our users’ very first channels act as reliable gateways to the Lightning Network.”
Down the road, Lightning Labs will integrate Lightning Loop to give users the option to top up channel balances or empty them without closing the channels themselves.
The above features are notable for user experience and interface improvements, but perhaps the most salient addition in the release is the wallet’s use of Neutrino. As the blog post succinctly spells out, Neutrino, which can be used for on-chain wallets but is especially useful for Lightning, “is a light client specification that allows non-custodial Lightning wallets to verify Bitcoin transactions.” Basically, it allows software clients (applications) to receive compressed blockchain data to verify transactions without having to download the full Bitcoin blockchain, which clocks in at an unwieldy 200 GB. This gives these clients a degree of the same privacy that full nodes enjoy, without sacrificing custody of funds to a third party (the typical trade-off for using a lightweight wallet).
“Without Neutrino, a non-custodial solution required using the command line interface, setting up your own Bitcoin + Lightning full node and the configuring of a third-party app to connect remotely to your node,” Hase told Bitcoin Magazine. “That process was very technical and required way too many steps for average users. Neutrino allows us to bundle everything up into one app that users can open with a double click.”
So if you use Lightning Labs’ wallet, even if you’re not connected to your own node, you have complete custody of your funds.
The post concludes by warning users that Lightning is “still very early technology and there’s a risk of losing all of your funds.” It also calls for the community to help improve the application by reaching out to Lightning Labs and opening up requests on GitHub.
As the technology is still risky — and the Neutrino client is young — Lightning Labs won’t be resting on its laurels. As Hase told us in our correspondence, there’s still plenty of work to do and much they can learn from this rollout as users begin tinkering.
“It’s still the very first release and now is the time to iterate and start learning,” he said.
By CCN: The bitcoin price could surge to $6,500 soon because it breached a key resistance level of $5,500 this week. That’s the assessment of Naeem Aslam, the Chief Market Analyst at ThinkMarkets, a forex and derivatives broker.
Indeed, bitcoin has roared to a six-month this week after flailing for much of 2018.
Aslam: Nasdaq Is Warming Up to Bitcoin Futures
Analyst Naeem Aslam told CCN that there are several factors driving the rally, including optimism that Nasdaq is growing more confident about bitcoin futures.
Moreover, he says there’s a bullish trend forming with speculative bitcoin shorts that’s pushing the price higher.
“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”
“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”
Even the crypto bears at CNBC begrudgingly agree that bitcoin could climb to $6,000 soon.
— CNBC (@CNBC) April 23, 2019
Aslam: Technical Indicators Point to Another Rally
Aslam also pointed to the conditions surrounding bitcoin’s past rebounds as evidence that another rally is in the making. He says the current patterns are similar to those that occurred before previous rallies, when the bitcoin price rocketed to record highs.
As CCN reported, Aslam noted that bitcoin crossed its 200-week moving average in March. That’s a significant technical indicator.
In short, Aslam says technical analysis is building a bull case for bitcoin after it got pummeled during the prolonged bear market of 2018.
Analyst: Bitcoin Price of $100,000 Is Realistic
Based on a mathematical calculation involving approximate percentage projection of bitcoin’s price that occurred during the last bull run, Aslam says it’s not unrealistic for bitcoin to rocket past $100,000.
“Back in 2011, the price plunged nearly 93% and in 2014, it dropped 84%. As for the most recent price crash, we have experienced the smallest price crash — 79% from its recent high. The most important part is that the price has started to rally back up.”
“This argument becomes even more clear when we look at the bottom panel of this chart. The drawdown percentage curve is much higher now (shown in green circle) as compared to what happened back in 2011 (shown in red circle).”
While the crypto industry is rife with experts who constantly make wrong predictions (*cough* Fundstrat’s Tom Lee *cough*), it’s not as easy to flippantly dismiss Naeem Aslam.
Aslam has a pretty good track record. In 2016, Aslam correctly predicted that Donald Trump would win the U.S. presidential election against all odds. He also correctly predicted Britain’s vote on Brexit three years ago.
Investment Chief: Bitcoin In ‘Inexorable Death Spiral’
Not everyone is convinced that the brutal Crypto Winter is behind us. As CCN reported, investment manager Peter Mallouk — a certified financial planner — says crypto bulls are deluding themselves if they think the current rally will last.
Mallouk, the president of Kansas investment firm Creative Planning, says the recent price spike is merely a temporary recovery before bitcoin totally collapses. Why? Because it’s worthless and has no value.
“We’re going to see cryptocurrencies collapse,” Mallouk said in early-April.
Mallouk’s skepticism is not new. In December 2018, Mallouk mocked bitcoin as a “dead man walking,” and predicted that the bitcoin price will drop to zero.
“It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. The end may not be pretty when it comes.”
Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO https://t.co/iDSHOZJQck
— CCN.com (@CCNMarkets) December 8, 2018