The main cryptocurrency on the market, Bitcoin continues with the uptrend. Bitcoin, managed to overcome the barrier of USD 16,500. Currently the currency is trading at USD 16,800 according to our online crypto tool. Thus, registering an increasing variation of 5.53% in the last 24 hours.
As Bitcoin continues with its upward trend, the main currencies of the ecosystem also register gains compared to yesterday.
Especially noteworthy cases such as: Ripple (XRP), Binance Coin (BNB), Polkadot (DOT), Bitcoin SV (BSV), EOS, Monero (XMR), TRON (TRX) and NEM (XEM) with gains of more than 2 %. A striking case has been that of Litecoin (LTC) which recorded gains of 16%.
Peter Schiff assures that although the price of BTC increased it is still not a good financial refuge
Peter Schiff again spoke out against BTC. Ensuring that the recent increase seen in its price is not evidence that it is the best value asset today.
This was highlighted by Schiff through a message posted on his official Twitter account:
The recent rise of Bitcoin relative to #gold in no way proves that #Bitcoin is a superior store of value. Exuberant investors are flocking to risk assets and shunning safe-havens world-wide. As the riskiest asset of them all, Bitcoin is being bought as part of the risk on-trade.
– Peter Schiff (@PeterSchiff) November 16, 2020
‘The recent rise of Bitcoin relative to Gold in no way proves that Bitcoin is a superior store of value. Higher caliber investors flock to risky assets and avoid safe havens around the world. Being the riskiest asset of them all, Bitcoin is bought as part of the risk market.
It is not surprising that Schiff is again speaking out against BTC. In the middle of a moment where the digital currency registers its best evolution in the last two years.
However, this time it indirectly acknowledges the interest shown by many investors. Although he assures that this trend is part of what is seen in the risk market and not in refuge assets.
Citibank Executive Says Bitcoin Could Cost $ 318,000 By Dec 2021
Various specialized media today highlighted the predictions of a senior executive of the banking giant Citibank. Which assured in a report that BTC could reach USD 300,000 in December 2021.
As we well know, the entire existence of Bitcoin has been characterized by large price swings, “exactly the kind of thing that maintains a long-term trend,” said Thomas Fitzpatrick, managing director of Citibank.
In a report, intended exclusively for the bank’s institutional clients. Where it makes similarities between the gold market of the 70s and Bitcoin today.
The report was first leaked to the crypto community by Twitter user ClassicMacro in a tweet on Saturday. Noting that Fitzpatrick is “a huge fan of lunar targets.” In other words, it was not a report for the general public and neither is its projection seen as a probability.
Fitzpatrick pointed to the weekly Bitcoin chart and used technical analysis (TA) of previous highs and lows. To determine a cryptocurrency price projection of $ 318,000 for December 2021.
The president of the United States Securities and Exchange Commission (SEC), Jay Clayton, will step down at the end of this year. Announced in a press release Monday, Clayton led the US regulator for years. And, it went through what the SEC called a “period of historic productivity and unprecedented challenges.” Cryptocurrency exchange Binance is discontinuing its own cryptocurrency BGBP, a stablecoin pegged to the value of British pounds. Belarus Bank will offer purchases of BTC, with Litecoin and Ether coming soon. Belarus officially legalized crypto transactions in 2018. Bitcoin has become a key tool for distributing aid to Belarusians. Who lost their jobs during the protests against President Alexander Lukashenko that have rocked the country since mid-August.
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