Bitcoin is a virtual type of banking currency popularly known as a cryptocurrency that is conducted on the internet. It has been in place for quite some time now, over five years and many people have gained tremendous interest in the digital currency. On the other hand, cryptocurrency is a monetary value sequence that is computer coded. In the recent past, the government has had no legit control on the creation of the digital coins which had initially made them extremely popular. The digital currencies have significantly made debuts in most countries and economies all over the world.
According to well Fargo’s strategist Chris Harvey, the sharp decline that has lately been witnessed in Bitcoin is not a clear indication that the market will fall. He continued to address the matter saying that there are significant indicators of economic growth like treasury bonds, tariffs and not any form of cryptocurrency such as Bitcoin. Chris thought that Bitcoin’s fall wasn’t a significant concern, but its effects were similar to adding gasoline to the fire and expect it not to light even more. However, other major issues are still thriving in the marketplace and can support the growing economy.
He held the three T’s, (President Trump, treasury, and tariffs) to be responsible and whatever the three were up to was a significant determinant of where the market was heading. Harvey said that all digital currencies are a major risk, but they are slowly being institutionalized around the globe than before. Harvey made a statement saying that whenever the market produced a decrease in trade, all cryptocurrencies should go down the trade with the market as well. Whenever the market is trading up, the cryptocurrencies should also trade up with the market.
The Bitcoin which is the most common digital currency in the crypto market significantly grew 2,000 percent in the year 2017. It had a peak of around $19,500 in December. On Wednesday this week, the Bitcoin hovered above $8,000 which is the lowest level tallied in all the months. According to market watchers, they predict that the Bitcoin bubble may soon explode. Conceding Harvey summarized the chat saying that even though the Bitcoin sell-off could be similar to adding fuel in a lighting fire, it could cause a lot of havoc in a more volatile market. However, he had no substantial reason to be worried about cryptocurrencies and all other digital coins that are currently present in the market.