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Why is another Bitcoin price rally unlikely?

Summary:

  • "We cannot expect Bitcoin to rapidly surge again", says a famous Japanese economist
  • Ethereum has been the most resilient to the latest crypto slump
  • Indian women seem to take more risk than men when it comes to cryptocurrency investing

Everybody well remembers what happened with virtual currencies in December last year as most of them, if not all, saw a gargantuan rally. Since then, a steady downtrend has been present, and right now there are not too much reasons to be so bullish on digital currencies. This view has been recently shared by a famous Japanese economist Yukio Noguchi who is an advisor to Waseda University’s Business and Finance Research Centre. He argued that "we cannot expect Bitcoin to rapidly surge again" mainly because it’s now possible to trade on Bitcoin futures. On the other hand he added that because of the latest Bitcoin price slump the costs of sending Bitcoin are now back to the levels making transactions cheaper compared to those being processed by banks. Notice that Noguchi already argued in January that the cause of the Bitcoin collapse was the launch of the selling of Bitcoin futures. This is quite a different view compared to a majority who had expected the start of BTC future would be Bitcoin positive.

link do file download linkEthereum has so far been the most resilient among major cryptocurrencies to the latest slump. Source: xStation5

A technical view of Ethereum seems to deserve more attention as the price keeps moving toward its crucial support. Notice that the latest slump, which has brought most of digital coins down, has been quite lenient to Ethereum. Therefore, while such cryptocurrencies as Litecoin, Ripple, Dash or even Bitcoin have already fallen below their lows drawn in late March/early April, Ethereum has yet to do so. What’s more, from a technical standpoint one may count on a bullish pullback in Ethereum once the price gets closer to $360 (still above the low made at the beginning of April). To sum up, technically Ethereum seems to be one of the best looking cryptocurrencies at this stage, hence more buyers may soon emerge.

link do file download linkA possible double bottom on Bitcoin could bring relief to the most famous cryptocurrency. Source: xStation5

Indian women seem to take more risk than men when it comes to cryptocurrency investing

The most recent survey conducted by the Indian crypto exchange Buyucoin revealed quite surprising results. Namely, female traders in the country spend more than $2000 on average, while men invest just a half of this sum. The fallout comes from the trading data from the country’s largest cities and covers over 60k participants. The survey was carried out between May and June this year. The CEO of the exchange which did so commented that "We wanted to conduct a detailed study to ascertain new policies and strategies that will drive this industry ahead. We acquired some interesting facts such as the service sector is taking exceptional interest in trading of cryptocurrency, and females, in particular, showed great potential in leading this industry forward". Meanwhile, the ban imposed by the Indian central bank is coming into effect on 5 July despite numerous petitions against the measure coming from local cryptocurrency companies. Having said that, the latest revelations claim that the Supreme Court is to hear some of them on 3 July.

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