Jeffrey Tucker, president and founder of the Brownstone Institute, says the current market outlook could help further rot for bitcoin.BTC/USD,
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Cryptocurrencies have seen a huge dump again as investors panicked at the news of one of crypto’s biggest companies, FTX, being sold out. When another major player, Binance, decided against the acquisition, the selling pressure intensified again. And breaking crypto news Was near FTX just a few hours ago filed for Chapter 11 bankruptcy.
At the very least, aftershocks in the crypto markets are likely to remain as the industry unfolds next. Specifically which other players are most likely to be sucked into the ‘black hole’.
Turker Says BTC $10,000. can back down
Bitcoin has already touched levels seen in 2020 this week and sentiment is not the only sustained upward move, despite a brief rise on Thursday as the risky asset reacted to US inflation data. The environment favors new pain for the bulls, especially if the fresh infestation kills the other major players to trigger the new bloodbath.
Bitcoin was trading close to $16,670 on Friday at 11:30 a.m. ET, up nearly 6% over the past 24 hours and -17% over the past week. The BTC/USD pair tested a low of $15,740 on Wednesday.
So, where do Brownstone Institute executives see the price of bitcoin in the near term?
speaking during a Interview with Kitco NewsDavid Lin, Tucker said that the digital asset industry is currently a very risky market. He told Lynn:
“I personally don’t think this is a good time for anyone to jump in. I think we have a long way to go before that, and I don’t think there’s a magical way to look. The industry’s technical and know-how That’s exactly when it is. But it doesn’t seem like a great time.”
Where he thinks bitcoin could go from today, he said little.
“I would just say that if you want to make money, it’s probably a very risky place for your money, because you know, we can go back to $10,0000 or so. I mean Nothing likes bitcoin better than exiting the market.”
In what could be the upside for crypto, Tucker says, a shift in Washington that sees more crypto-friendly governance could push for regulatory clarity. According to him, this could be quite bullish for the industry.
