The best part of the latest Bloomberg’s FUD bitcoin article is certainly a short story about an artist, former hedge fund manager, who sees strong similarities between bitcoin and rats which motivated him to start installing inflatable Bitcoin rats in London and Washington to showcase the token’s influence on society.
“They exist without permission. They are hated, hunted and persecuted,” he said about rats, which serve as a proxy for Bitcoin in his art. “And yet they are capable of bringing entire civilizations to their knees.”
In the rest of the article, Bloomberg analysts mistakenly see BCH fork as a danger for the BTC and crypto market overall.
Around the same time last year, bitcoin was dominating the headlines with its record breaking bull run that saw it rocket past any prediction technical analysts could read out of their charts.
Same month this year and bitcoin is back in the headlines but for a different reason. What goes up, has to come down rule has caught up with bitcoin and the plummeting we saw this week brought the mainstream media lights back on the bellwether cryptocurrency.
Bloomberg analysts are particularly prone to comment on bitcoin but this time not to the joy of crypto holders.
Bloomberg Intelligence says the drama’s just starting. Analysts predictthe price could fall to $1,500, which would indicate another drop of more than 70 percent from current levels. The digital token tumbled 12 percent on Wednesday alone to its lowest level in over a year, and has lost more than 60 percent of its value so far this year. Many of Bitcoin’s closest peers, including XRP, the cryptocurrency also known as Ripple, fell in tandem.
One of the analysts in the article was excessively worried about the bitcoin cash split and ancillary hash war, predicting that it could disbalance the whole crypto market. That hasn’t happen, fortunately. However, Bloomberg analyst Mike McGlone thinks it still presents the danger for bitcoin:
The slump “was sparked by the pump for the Bitcoin Cash hard fork,” said McGlone. “That pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.”
The article further discusses the impact of falling bitcoin prices on the selling numbers of the largest mining chipmaker, Nvidia.
Just as usual, Bloomberg fruitlessly attempts to paint a doomsday scenario for bitcoin out of irrelevant events like an altcoin forking and having an internal hash war. As we already saw and still see, the civil war in BCH is still ongoing but is completely inconsequential to the bitcoin fate – the worthless forks are basically rooting themselves out, basically an autonomous sanitation the crypto space.
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