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    June 09, 2021

    Strategists Warn; Bitcoin Will Drop

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    Edward Moya, a senior market analyst with Oanda Corp, warned that the largest cryptocurrency is “dangerously approaching the $30000 level” and he also mentioned that a break of $30000 could lead to a big momentum selling which could possibly bring it to the $20000 zone. With the Pipeline Ransome getting resolved, security concerns started to emerge which contributed to another round of sell-off.

     

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    Others have a more positive attitude towards the biggest cryptocurrency. In a landmark move, El Salvador has become the first country to ever accept Bitcoin as a legal form of payment. This, along with the crypto conference held in Miami, boosted some confidence that Bitcoin is not going anywhere any time soon. For instance, MicroStrategy Inc. managed by Michael Saylor, boosted a bond sale from 400 million to 500 million to fund more Bitcoin purchases. But after recent turbulence, institutional investors are most likely to stay observant for a while instead of jumping in.

     

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