Brian Armstrong just published an open letter to the cryptocurrency world (via Coindesk ) in which he warns that the prices of cryptocurrencies may be “unsustainable.”
As a well-known cryptocurrency expert, Coinbase co-founder Fred Ehrsam has had a lot of experience with the cryptocurrency market. He is very concerned that the recent price increases of some cryptocurrencies is not sustainable. He predicts that their prices will decrease by more than 50% in the next few months.
Coinbase CEO Brian Armstrong reiterated his warning that cryptocurrency prices are going up in a tweet earlier today. “The aggregate value of all cryptocurrencies is $300 billion,” he said. “Their aggregate value has been doubling roughly every 12 months for a while. That’s kind of a weird thing to happen.” Armstrong continued, saying “This is not a sustainable trajectory.”. Read more about bitcoin price and let us know what you think.Summary of the situation
– According to Coinbase, bitcoin is approaching a death cross.
– Cryptocurrency enthusiasts are convinced that bitcoin is going to reach new historic highs.
The price of bitcoin has struggled and suffered losses in recent weeks. The price of BTC, along with other altcoins, fell below $1.5 trillion in June. Cryptocurrencies lost more than $2.5 trillion in May after hitting an all-time high.
According to Coinbase, the price of bitcoin has fallen again after an initial boost from Tesla CEO Elon Musk. Musk initially embraced the cryptocurrency, but then rejected it because mining it is toxic to the environment, although there are plans to bring it back for payments. Based on this, the cryptocurrency has not left the $30,000 to $40,000 zone in recent days.
Bitcoin is nearing its death cross.
On the bitcoin charts, the 50-day moving average shows a downtrend below $40,000. This pattern is called the death cross because the crypto currency is in a state of pause.
Fred Ersam, co-founder of Coinbase, said many cryptocurrencies gained value after the collapse, but have not yet fully recovered. On the other hand, Ersam points out that 90% of the non-playable chips will have very little value left in 3 to 5 years.
Although the bitcoin death cross looks bad, it is a lagging indicator compared to the previous one. In May 2020, this pattern of losses occurred after cryptocurrencies reached all-time highs within a few months. The bitcoin death cross has made many cryptocurrencies, including bitcoin, much more attractively priced.
Coinbase admits some cryptocurrencies won’t survive
While the outlook for bitcoin looks promising, it may have implications for another part of the market. Cryptocurrencies with minimal value will not survive such a price drop, leading to their premature death. However, this is a sacrifice that Coinbase believes is necessary to put the virtual market on a bullish trajectory.
Coinbase, one of the largest cryptocurrency exchanges, recently went public and shocked investors. However, the cryptocurrencies lost a third of their value after they were released on the Coinbase exchange.
Coinbase has created thousands of virtual currencies with crypto-currency data provider CoinMarketCap since its inception in 2009. The company’s collection of cryptocurrencies exceeds 10,000 crypto-currencies.
The co-founder of the exchange platform also warned that NFT will not work in the future. NFTs have also lost a lot of importance and value since the crypto currency collapse in May.A dark time for cryptocurrencies has passed, and the era of reckoning is now upon us. A recent crypto price crash feels familiar, yet also feels different, as the pain of losses felt by Bitcoin and its rivals are still fresh in our mind. With the majority of altcoins currently at low prices, coins like NEM, NEO, and IOTA are feeling the brunt of the market. That’s not to say all coins are down, though. Some coins, like Ripple, are holding steady at second place while others, like Ethereum and Bitcoin Cash, are holding steady at third.. Read more about btc news and let us know what you think.
bitcoin pricebitcoin newsbitcoin price predictionbitcoin price usdbtc newsxrp,People also search for,Privacy settings,How Search works,Bitcoin,Coinbase,Ethereum,Binance,See more,bitcoin price,bitcoin news,bitcoin price prediction,bitcoin price usd,btc news,xrp,coinbase pro,bitcoin price surge