Weekly summary 12.11-18.11.2018

Today – there could be no other topic – declines. News may not be optimistic, but to get back to the bull market, you need to survive the bear market.

Where did these drops come from?

Last week, the bitcoin exchange rate finally shifted. Unfortunately, he chose the direction unfavorable for the bulls. Therefore, it is not surprising that the subject of the future of the course was the theme of many interviews on the cryptocurrency scene.

Brian Kelly, founder and CEO of BKCM, told CNBC Fast Money:

“After a certain calm period, the lowest volatility almost in Bitcoin’s history, everything exploded suddenly, so what happened? It’s Bitcoin Cash who made hard work. Now, when you make a hard drive, everyone usually agrees. But in this particular case no one agreed. So we have a civil war in the world of cryptocurrencies. ”

Even so, Kelly and his colleagues see the future in green:

“People are afraid that both Bitcoin and Bitcoin Cash markets and their networks may slow down, they may not work so well that software updates may fail, or if this happens, chaos will end. People started to sell, everyone was worried. The whole market calmed down. In my opinion, this is a very short-term event. ”

Reportedly, the fund invested in him invested in btc at the time of decline.

Rob Sluymer of Fundstrat is a bit different. In his opinion, the further fate of the oldest cryptocurrency course is not so sure:

“Breaking this week has caused serious technical damage that will take weeks to fix, if not months.”

Bitcoin the work of the devil?

Falls cause a lot of criticism. Benoît Cœuré is a member of the board of the European Central Bank and probably does not like being in cryptocurrency:

“I know that for uttering these words in the Basel market tower, I can be struck by a bolt of light – but Bitcoin was indeed an extremely clever idea. Unfortunately, not every clever idea is good at the same time. ”

He also stressed that btc is “devilish offspring of the financial crisis” and underlined its main features:

“Bitcoin is a peculiar combination of a bubble, a financial pyramid and an environmental disaster”.

We suspect you disagree with his vision …

Further drops?

Bloomberg predicts that “price drops can be continued up to $ 1,500, which would mean a drop by another 70% from current levels. The digital token lost 12% on Wednesday drawing annual pits and lost over 60% of the value from the beginning of the year. As a result, other large cryptocurrencies, including XRPs, are also falling strongly. ”

The best years before blockchain

At least that’s what the chairman of the Russian company Sberbank, Herman Gref, thinks:

“Hype about the [blockchain] technology has come to an end, and technology is now entering the industrial development phase. It takes a year or two to be implemented on an industrial scale. ”

Today, according to him, global markets are not yet “ready” for large-scale commercialization of blockchain, taking into account “the immaturity of technology”.

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