Every time we write about Bitcoin, we are inundated with angry messages from people who almost certainly have #bitcoin#investor#crypto and related hashtags in their Twitter bios.

Here’s the thing, Boetcoin Bros – we don’t have a horse in this race, so we’re just watching from the sidelines and enjoying the show.

Last month we covered how New York University’s Stern School of Business professor of economics Nouriel Roubini, AKA Dr Doom, had torn into Bitcoin and cryptocurrencies as “the mother of all scams”.

Who knows if he will be proven right, but we do know that Bitcoin has had a pretty average week thus far.

Newsweek reports:

Having once knocked at the door of $20,000 during its peak toward the end of 2017, the price of cryptocurrency bitcoin sunk to new lows during trading on Tuesday.

As of Tuesday morning, bitcoin had fallen about 15 percent in 24 hours to below $4,500—its lowest point in 2018—and many expect it to dive further over the coming days and weeks.

“The only question now is how low the new correction will turn out,” said an analyst’s note from FXPro, a currency broker based in London.

At this point I can almost hear the Boetcoin Bros banging out an angry response on their keyboards. Take a deep breath there, friend.

A little ray of good news is that the same analyst’s note from FXPro stated that when Bitcoin hits somewhere near $3 500, it will stabilise.

OK, back to the doom and gloom:

The note continued: “Markets participants are trying to sense whether this is the bottom, however no sure answer can be given. Over the past week, the world’s leading cryptocurrency fell by $1,650, and at the moment there are no signs of recuperation.

“Bitcoin was under intense pressure after breaking through the consolidation zone, which was formed over the previous few months.

“The total cryptocurrency market capitalization plummeted by $52 billion over the week, and market turmoil spiked the average daily trading volume by 62 percent.”

Another kick in the crown jewels came from Neil Wilson, the chief market analyst at Markets.com, who called it a “bloodbath”:

“Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market,” Wilson [said].

Much of the news coverage at the moment is far from flattering:

There’s no doubting that blockchain technology has immense potential to reshape the financial system, especially here in Africa, but the future of Bitcoin might be less bright.

Who knows, really? You don’t and we don’t, but it’s pretty interesting to watch from afar.

[source:newsweek]