Panic in the cryptocurrency market continues

The number of concerned cryptocurrency specialists is growing every day, while the pressure on Bitcoin continues, says Investing.com

Goldman Sachs continues to maintain the opinion that the digital foreign exchange market at this stage is the well-known “soap bubble”, even despite the recent correction of the situation. What is happening now, they argue, is many times worse than the dot-com boom twenty years ago or the tulip fever of the 17th century.

The investment bank predicts that digital currencies will become worthless, and for the long term.

Nobel laureate Joseph Stiglitz, in a conversation with Bloomberg, shared the opinion that once there is a way to regulate the currency to stop illegal activity in the market, the demand for bitcoin will fall instantly.

Axel Weber, chairman of the board of directors of UBS, said in a recent interview with CNBC that his company will advise clients not to invest in cryptocurrency. For the simple reason that its nature is speculative and the process itself is very risky.

The US Securities and Exchange Commission added fuel to the fire by making a statement that it will not approve exchange-traded funds for trading cryptocurrency in the near future because the volatility and liquidity in the market is too high. 

Naturally, such statements have an extremely negative impact on the cryptocurrency rate and play into the hands of the “bears” who are trying to go on the offensive.