RATE Group | Bitcoin Could Drop to $1,000 • Live Bitcoin News
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Bitcoin Could Drop to $1,000 • Live Bitcoin News

04 Dec Bitcoin Could Drop to $1,000 • Live Bitcoin News

Posted at 23:25h in Bitcoin News by

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To say Bitcoin has had a nasty fall would be an understatement. Everybody’s favorite cryptocurrency is emerging battered and bloodied from its now 12-month price battle that according to one analyst, is likely to only get worse in the coming weeks.

What Happened Last Year?

Lamont Black – a former economist at the Federal Board of Governors and a finance professor at DePaul University – explained to The Washington Examiner what it was that caused Bitcoin’s price to swell in 2017:

Over the last year, bitcoin has traded like a high-risk, high-return asset class. Investors drove up the price of bitcoin [in 2017] based on the speculation of future returns. Now, bitcoin has returned closer to historic levels. The price of bitcoin in early 2017 was only $1,000. I don’t think it would be unreasonable to return to that level before stabilizing.

Lamont predicts that while bitcoin is likely to survive its present ordeal and reign supreme in the crypto space, it could drop an additional…

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