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«Bear flag»: cryptocurrencies fall in price

This trend is observed among the most liquid altcoins. Wall Street analyst Tom Lee said, the cause of cryptocurrency falling prices is uncertainty in the sphere of regulation.

Throughout the past week, Bitcoin's rate has gone down to a mark of seven thousand dollars. And this week the trend is continuing.

The experts opinions are varying. Wall Street analyst Thomas Lee still insists that by the end of the year bitcoin will cost twenty-five thousand dollars, and for this he doesn't need to grow in price constantly. At the same time, Joe Davis from Vanguard predicts the collapse of bitcoin and the price drop to zero due to the lack of fundamental economic factors in the formation of the cryptocurrency value.

As for further investment, experts, and in particular Spencer Bogart from Wall Street, recommend buy bitcoin only, as the promoted brand and the range of its application is constantly growing. As a matter of fact, large banks trying to enter the industry, offer their customers direct purchase of bitcoins, safe storage services or the exchange mechanisms for trading these assets. Almost all the other coins, Bogard said, are overvalued and don't cope with the goals set. Moreover, thousands of represented currencies are in fact the forks of bitcoins.

Not being unique, and in fact being only PR, most altcoins are doomed to a loss of value. Especially on the background of the emergence of new generation cryptocurrencies, such as PRIZM. And even against their background, bitcoin will hold position for a long time, as the first crypto currency, to which there is trust.

  • May 29, 2018 10:10 AM MSK
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