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BitMEX CEO retracts claims on Bitcoin hitting $50,000

BitMEX CEO retracts claims on Bitcoin hitting $50,000

Bitcoin News

“Ever since Bitcoin’s price underwent an unexpected upward surge nearing the end of 2017, increasing by over 2,000 in just under 12 months, there has been tons of speculation around the price of the digital currency in the foreseeable future. Recently, Arthur Hayes, the head of Seychelles-based Bitcoin mercantile exchange BitMEX, proposed that Bitcoin will skyrocket to $50,000 by the end of this year – a whopping 500% increase from its current price of $8,215.”

The above passage was published by CryptoTicker on May 16th this year. However, in an interview with Yahoo Finance UK on October 31st, he retracted his above claims by saying that the current cryptocurrency bear market is here to stay for atleast another 12 to 18 months. The former Deutsche Bank and Citi trader also went on to remark in broken terms that, “I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”

Another outspoken Bitcoin price speculator, Ran NeuNer, the host of CNBC’s CryptoTrader show, has also retracted his earlier stance on Bitcoin reaching $50,000 by the end of this year. His initial prediction post dated February 1st this year mentioned, “For the record, I am pinning this tweet. Bitcoin will finish 2018 at $50,000.”; while his new tweet explained, “For the record, I am pinning this tweet. Bitcoin will not finish 2018 at $50,000.”

Bitcoin’s downward trend in 2018

As depicted in several price analyses, Bitcoin has witnessed a severe downward trend this year, generally correlating with the altcoin cryptocurrency markets. It has lost almost 70% of its value since it’s famous all-time highs in December of 2017. Bitcoin’s price has been fairly stable over the past few months, hovering around the $6,000 range. It has also remained as the dominant majority cryptocurrency within the market, while it is important to note that its majority percentage has also been reducing since January of this year.

Even when Bitcoin’s price was nosediving at the beginning of the year, Hayes wasn’t the least bit worried about his bullish prediction. Nevertheless, he did release a disclaimer, “It’s my job to make predictions”, whether or not they become a reality. Apart from Hayes and NeuNer, there have also been several other crypto influencers and traders who have made large speculative claims about cryptocurrency prices. John McAfee made an infamous prediction that Bitcoin’s price would reach $1 million by 2020, along with this unorthodox wager.

Investors must exercise caution and due diligence

Amidst all this speculation going on around the cryptocurrency market, it is vital that cryptocurrency investors are aware of the risks involved within investing within this highly volatile market and also that they educate themselves about the underlying technology behind the Blockchain. Only invest money that one can afford to lose, and it is good practice to diversify one’s portfolio to minimize risks. If you are new to cryptocurrencies and the Blockchain world, this article would be a good introduction to several key terms and technologies behind the Blockchain.

Not everyone is bearish towards the market

Yahoo Finance’s report also mentioned several quotes from other big names in the industry who had more optimistic claims on the future prices of cryptocurrencies.

The co-founder of Ox, Will Warren, quoted, “Having followed this space since 2011, we’ve seen a number of different cycles where a large number of people start to get interested in the technology and it kind of winds up and then winds downs again. The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.”

Overall, the future trend of the cryptocurrency market cannot be accurately predicted due to its inherent volatility and investors must exercise caution while investing in them. Avoid placing complete trust in the views and opinions of others within the Blockchain ecosystem.

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