Bitcoin's record-breaking trail seems to have hit a brick wall, with prices looking to finish the week below $37,000.
Downside risks are always always present with Bitcoin and while $35,000 may provide an interesting test, the only level that really matters is $30,000,” Craig Erlam, senior market analyst at Oanda Europe wrote in a note Friday. “A break of this could trigger a much sharper correction.”
The debate over whether Bitcoin is a real asset class or a speculative bubble has resurfaced with the massive gains in the cryptocurrency.
”Cryptocurrencies are not sustainable,” said Peter Branner, the chief investment officer at APG Asset Management. “Bitcoin is not backed by a central bank. It only has a value if people gives it value.
Many business ventures have accepted bitcoin as a method of payment giving it value. With a continuous rise in the Bitcoin market, the currency maybe hoarded by individuals. This may cause a drop in its value.
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