BTC / USD Market Analysis: Several Factors Prevent Consensus Conference from Raising Cryptocurrencies
The world's largest Bitcoin conference ends today. He told himself that this conference would allow the market to rebound and some expected to go back on $ 10,000 this week but BTC / USD is now closer to $ 8000.
Bitcoin fell by 2.23% over the week and remains down 40% since the beginning of the year. However, we are still up 78% over a rolling year.
It is true that historically, the BTC has appreciated between 10% and 69% at previous conferences organized by Coindesk but this time, the market is in the red, despite the fact that we have had THREE times more of participants compared to last year ...
We have a new day to see things get loose and information transpiring from this conference that will see more than 200 speakers representing the largest startups in the sector speak. We also had several regulators, including the SEC and the CFTC, who have already spoken to remind us of their desire to "protect" investors ...
Speaking of regulators, the central bankers apparently spread the word in an attempt to send negative signals to undermine this conference that should have benefited the cryptocurrency market. Indeed, many governors of central bankers are speaking this week and many have already thrown their venom on cryptocurrencies.
In particular, we had a governor of the European Central Bank, Yves Mersch, who said yesterday that in the event that banks start using cryptocurrencies as collateral or for transactions, it will be strictly necessary to separate these activities from the rest of the activities of the banks. banks.
In short, cryptocurrencies are still treated in paria by central banks. Cryptos are only good to be taxed in the minds of these people who protect an intrinsically inegalitarian, inflationary money and banking system based on mountains of illegitimate debts ...
Another factor weighing on the market, the opening of a Futures market on Ethereum. A very bad news because it will allow the bigwigs to sell the second largest cryptocurrency without really owning it ...
And we do not forget that the cryptocurrency sector in India will plead DEMAIN before the Indian Supreme Court in order to overturn the decision of the Central Bank (RBI) to prohibit banks from dealing in any way with the world of cryptomonnaies.
This is for some big bad news that weigh but there are always countless projects that abound around cryptocurrencies.