Analytics / Forex and Crypto News
In a new episode of his video, Nicholas Merten, the largest cryptanalyst from YouTube stated:
“I believe that the current range of $9,000 - $12,000 will be pretty narrow in a few weeks if we really start to gain momentum and perhaps move on to $15,000, $18,000, or $20,000.” The reason is in the brewing macro environment.
Bitcoin is becoming increasingly popular. When the financial sector sees everything that happens in the markets of China, the USA, Europe and Japan, sharp cryptocurrency price movements begin. In 2019, the fall of American stocks occurred in the shortest time. It became clear that the only the historically proven gold and silver became the winning assets. And Bitcoin joined them.
This is the most famous cryptocurrency. We must understand it now, and it is not so difficult. If for many years Bitcoin was the subject of speculation, now we see that the Chinese currency becomes cheaper almost 2% per day, and Bitcoin has grown by 10%.”
Merten says that if global economic problems will intensify, Bitcoin continues to grow as an independent asset and financial institutions will increasingly offer Bitcoin to their customers.
“This situation makes people speak about Bitcoin.” Bitcoin receives interest from financial institutions. He forced regulators to create Bitcoin ETF which will give the liquidity the market.
Financial institutions know that not only private investors, but also their clients want to own Bitcoins. They need to access new asset classes. This is exactly what will happen now.
A few days ago, stocks fell to their lowest level in 2019. This is the period when people seek to hedge their funds. We see that on Monday the stock market lost more than $700 billion. This is almost $1 trillion in a day; this is serious money leaving the market.”
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov