Geoffrey Haley is Senior Market Analyst for the Asia Pacific region at OANDA
"The threat from regulators to impose taxes either directly or indirectly in developed markets is always a fatal weakness for cryptocurrencies."
He added, "We hope to hear from experts who call for the end of the Bitcoin currency once it drops 10% by the end of the week, to suspend when it rises, or to go to a cryptocurrency exchange for public subscription. Amid all of that, do not hate me for being in a bearish formation in the near term."
Nicholas Banegertzoglu, JPMorgan Chase Strategist:
“Institutional demand has already slowed.
I am not sure what could bring it back quickly. And here you need either an influential announcement like what Tesla did, or just a correction and end to retail sales to motivate institutional investors to re-enter the market. "
Philip Gradwell is chief economist at Chainalysis crypto research
"The listing of Coinbase was the last stage for the inception of cryptocurrencies. So what do price movements mean during the first week of that new stage? Frankly, I don't think it means much."
He added,
"Prices are still high on a historical basis, and it seems that the decline over the weekend was a reflection of the price reaching record levels, which were inflated as a result of three factors:
- First: liquidating a record number of leveraged margin buying trades."
- Second: Bitcoin accumulation in exchanges which is typical when people wait to see if the price will continue to rise or reverse the trend. And when the reversal began, these people were probably quick to sell.
- Third: All this happened on the weekend, which does not witness any momentum in trading, and therefore there are not enough buyers.
Finally as we said impose taxes either directly or indirectly in developed markets is always a fatal weakness for cryptocurrencies.
