Tanya Abrosimova
Independent Analyst
- BTC/USD sits in a tight range and waits for an opportunity to break free.
- VTB’s Kostin joins the chorus of crypto critics.
Bitcoin (BTC) is oscillating in a narrow range as the market struggles to decide where to go next. While it is hard to tell, where the price will go from here, traders should brace for a spike of volatility on a breakthrough from the current range. If the bulls have the upper hand and manage to take the price above congestion area $3,600-$3,640, the recovery will gain traction and take Bitcoin towards $4,000.
On the downside, a sustainable move below $3,350 looks ominous as it will open the way towards the lowest level of 2018 at $3,127.
Meanwhile, Andrey Kostin, the head of one of the largest Russian banks VTB, joined the ranks of crypto skeptics. The banker believes that digital money is a niche thing, while miners are like false coiners.
"The cryptocurrency market is too small, and they are unlikely to become widely adopted in future,” Kostin said speaking on the academic competition “I am a Professional.”
He explained that growing transparency of a global financial system is one of the factors that will get in the way of cryptocurrency mass adoption. Apart from that, Kostin emphasized that the digital assets market is not regulated in the vast majority of jurisdictions.
Like many top executives within the traditional financial industry, Kostin discouraged by the idea that digital assets can be used for money laundering purposes and financing illegal activities.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.