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The dollar to Bitcoin: why the price was lower

FXcoins - The dollar to Bitcoin: why the price was lower

Despite a fabulous predictions from analysts in mid-September, the price of Bitcoin fell below the figure of 10 000 USD. If we analyze Bitcoin from September to August, the price is trading in the range of USD 9 500 to 11 000 USD, at this moment, the price for Bitcoin is trading at around 9 743 USD, however, in the last 5 days the price goes down. Unfortunately, the launch of the platform Bakkt did not affect the increase in rate, the market is on the decline.

 

ICE (new York stock exchange) recorded a surprisingly low rate of contracts Bakkt. A total of signed a 72 month contract and a 2 day, the amount for one contract was 1 Bitcoin. This indicates that investors consider investing in Bitcoin is irrational and wait for the depreciation.

 

The well-known trader Anatoly Radchenko said - “there is a conspiracy theory that institutional investors, which operate with large volumes on the regulated market of bitcoin futures, artificially lower the price. In November and December last year at CME there were outbursts of volumes of open positions when the price of Bitcoin fell below $4000. Accordingly, the start Bakkt will entail a new wave of decline for several months before the holders of the contracts will begin to close contracts”.

 

And if Radchenko believes that the launch of Bakkt is a unique phenomenon and the market will soon feel the Dmitry Alexandrov (managing Director IK “Oriole Capital”) holds quite a different opinion.

 

Aleksandrov says “I believe that cryptocurrency has already passed its maximum and will not be able to return. Bitcoin is not a means of accumulation, it is still a means of calculation. While Bitcoin was a pioneer, he was the sole means of meeting the market demand for the currency of such a plan. Now every day there are new crypto-currencies which at least do not differ essentially from BTC, and a maximum exceed by their technical characteristics (such as speed of transaction confirmation)”.

25 September 2019

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