Bitcoin’s Price Stability Is The Last Stand Before Capitulation, According To ECB Experts
While Bitcoin may look solid for the time being, it is on the verge of becoming obsolete, according to research by two European Central Bank (ECB) experts.
According to an ECB blog post, Bitcoin is seldom used in transactions and creates a reputational risk for banks, arguing that regulation may be misinterpreted as approval.
“Speculative bubbles rely on new money flowing in. Bitcoin has also repeatedly benefited from waves of new investors. The manipulations by individual exchanges or stablecoin providers etc., during the first waves are well documented, but less so the stabilising factors after the supposed bursting of the bubble in spring,” the blog read.
While some consider this steadiness in the face of several disasters as a sign of optimism, Ulrich Bindseil and Jürgen Schaaf describe it as “an artificially induced last gasp before the road to irrelevance.”
Bitcoin‘s price peaked at $69,000 in November 2021 before plummeting to $17,000 this summer, according to the report’s authors, Bindseil and Schaaf. And it’s mostly fluctuated between $17,000 and $20,000 since the Terra ecosystem collapsed in May and the FTX exchange went bankrupt this month.
At the time of writing, BTC is trading at $16,760.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
Bitcoin
Bitcoin’s Price Stability Is The Last Stand Before Capitulation, According To ECB Experts
While Bitcoin may look solid for the time being, it is on the verge of becoming obsolete, according to research by two European Central Bank (ECB) experts.
According to an ECB blog post, Bitcoin is seldom used in transactions and creates a reputational risk for banks, arguing that regulation may be misinterpreted as approval.
“Speculative bubbles rely on new money flowing in. Bitcoin has also repeatedly benefited from waves of new investors. The manipulations by individual exchanges or stablecoin providers etc., during the first waves are well documented, but less so the stabilising factors after the supposed bursting of the bubble in spring,” the blog read.
While some consider this steadiness in the face of several disasters as a sign of optimism, Ulrich Bindseil and Jürgen Schaaf describe it as “an artificially induced last gasp before the road to irrelevance.”
Bitcoin‘s price peaked at $69,000 in November 2021 before plummeting to $17,000 this summer, according to the report’s authors, Bindseil and Schaaf. And it’s mostly fluctuated between $17,000 and $20,000 since the Terra ecosystem collapsed in May and the FTX exchange went bankrupt this month.
At the time of writing, BTC is trading at $16,760.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Other Posts
Related Posts
Latest
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Press Release
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
