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Bitcoin Price Could Be Headed Further Down, Forbes Analyst Says

  • Yuri Molchan
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    A Bitcoin trader, analyst and a Forbes contributor says that the current technical indicators are showing that the BTC price may reverse again and start a further decline

Bitcoin Price Could Be Headed Further Down, Forbes Analyst Says
Cover image via news.u.today

For the past few days, the Bitcoin price has been demonstrating a slight growth. Earlier this morning, it hit the price level of $8,582 as per Coinstats data. This may have happened due to the trading volume of Bitcoin futures on Bakkt picking up steam, totaling 224 BTC in one day recently. Market participants have taken this as a positive sign.

However, a Forbes contributor and technical analyst on crypto, Naeem Aslan, believes that things here may radically change soon, as the 50-day SMA is about to drop under the 100-day SMA.

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This may be a sign of the Bitcoin price going bearish again, for longer this time, he believes.

At press time, the Bitcoin quotes are showing a rise by 4.65 percent. This is third biggest increase on the top ten scale after Bitcoin SV (+5.87 percent) and Ethereum (+5 percent).

BTC
Image by Coinstats

 

What is your forecast on further movement of the Bitcoin price? Share it with us in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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