By way of explanation, Lee pointed to the downward trend seen by emerging markets and the cryptocurrency Bitcoin. By the beginning of the year, however, both would have had high prices. He therefore expects both to recover.
Bitcoin price has lost over 65% to all-time highs
CNBC commented that the price of the fund is “iShares MSCI Emerging Markets Index ETF “has dropped by 8 percentage points. This fund tracks the performance of an index that measures companies in emerging markets. Bitcoin, on the other hand, has lost more than 65 percent of its all-time high.
Next, Lee was questioned as to whether the context he presented was not counterintuitive. It is believed that emerging market stock prices have fallen as fiat currencies in these countries have depreciated against the US dollar. In this case, people in these countries would have had to buy Bitcoin in this situation. Lee countered that most of the trade was not in emerging markets. Rather, most trade takes place in countries such as Japan and South Korea. It should be noted, however, in this context, the situation in South Africa and Turkey. As the South African Rand (ZAR) and the Turkish Lira (TRY) fell at the beginning of the month, Bitcoin trading volume increased in both countries.
Lee also said that hedge funds are currently not buying cryptocurrencies. Nor would they invest in emerging markets. Regardless, he believes the tide will turn to both, Lee said. This is especially true when the US dollar should weaken and the US central bank mitigates its interest rate hike policy.
A lot of money is waiting for entry into Bitcoin & Co.
In the opinion of Lee stand still a lot of money on the “edge of the field” of the crypto markets ready. This is only waiting for a bull market. In this light, Lee repeated his positive forecast for Bitcoin at the end of the year. At the time, he said Bitcoin could reach $ 25,000 per coin by the end of the year. Now he said:
“I think that's still possible. Bitcoin could explode at the end of the year. “
In the recent past, Lee's predictions were not very fortunate. For example, some time ago he predicted that Bitcoin would rise by as much as 70 percent after the “Consensus 2018” conference. That did not come true. Rather, Bitcoin dropped from about $ 10,000 to $ 8,000. Lee acknowledged his mistake and explained that the fall in prices was due to a lack of regulatory clarity.
Sources: CNBC, Cryptocurrency Quotes, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-kurs-koennte-am-jahresende-explosions-inhibition-said-experte/
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