The investment company Guggenheim Partners warned of the risks of a collapse of bitcoin to $ 10,000.
The position of bitcoin is very precarious and the first cryptocurrency may fall to $ 10,000, says Scott Minerd, investment director of Guggenheim Partners. There is no reason for investors to buy BTC right now, he said. Minerd substantiates his forecast with historical data, when during previous falls, Bitcoin fell by 80%.
“If you look at the history of cryptocurrencies and assess the current situation from these perspectives, I really think that this is a collapse. The collapse means a decline of 70-80%, which corresponds to the levels of $ 10-15 thousand,” said Minerd.
At the beginning of the recent rally, the Expert Advisor was in a more bullish mood. So, in December last year, he predicted the growth of bitcoin to $ 400,000. However, at the end of April, Minerd warned of a possible correction of BTC to $ 20,000, and in May he called digital assets a bubble amid a market collapse.
Some other news exclusively from Crypto-Auditor.com. Photo processing software developer Meitu, listed on the Hong Kong Stock Exchange, recorded a loss of $ 2.6 million in the second quarter from the negative revaluation of the acquired cryptocurrency. Investments in bitcoin led the company to losses in the amount of $ 17.3 million. Investments in Ethereum, which brought in $ 14.7 million in profit, allowed to win back some of the losses.
Elon Musk criticized the Bitcoin and Ethereum blockchains for slow processing and high transaction costs. So, he responded to a tweet from YouTube blogger Matt Wallace about the upcoming Dogecoin (DOGE) cryptocurrency update. Wallace said that with the update, Dogecoin will become “one of the most widely used cryptocurrencies in the world.” The Tesla founder agreed with this opinion.