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Last week in crypto

Bitcoin drops dip and the “eternal” prohibition of cryptocurrencies in Russia.

Last week, the leading cryptocurrency lost ground after it established a new annual maximum of $ 13,700, the Ministry of Finance ruled out the possibility of calculating cryptocurrencies in Russia, world bankers, financiers and analysts continued to comment on the cryptocurrency of the Facebook — Libra, and it became obvious that the hype about ICO coins from Telegram does not subside.


Opinions, estimates and projections

📍Well-known cryptanalyst Willi Wu believes that by 2025, Bitcoin will reach a market capitalization of $ 1 trillion. In 2013, Wu had already given such a forecast, and now he again supports it. Wu stated:

“I think the next cycle is to increase market capitalization to a trillion dollars, and the next cycle will lead to overcoming the market capitalization of gold.”

Thus, according to the analyst, if we overcome $ 1 trillion, then the market capitalization of Bitcoin should rush to $ 7 trillion — this is the market capitalization of world gold.

📍Trading veteran Peter Brandt confirmed this week his prediction that Bitcoin entered the “fourth parabolic phase”.

He said: “The fact that we had a correction for one or two days does not mean anything. Look at the history of Bitcoin, and you will see there all kinds of 30–50% corrections within the bull trend. ”

Brandt argues that this is the only market in which you can see a series of parabolic jumps in prices on the chart. He pointed to the rise in the price of Bitcoin from 2010 to 8,000 times — the only market that can be compared with this can only be German interest rates in the 1920s.

📍On July 3, eToro platform analyst Mati Greenspan said that in June, gold and Bitcoin moved approximately along the same trajectory. According to Greenspan, the precious metal and BTC have been “foot to foot” for the past 30 days.

📍In June, investments were growing not only in gold, but in Bitcoin, which indicates the desire of investors to protect their assets in a new form. Bitcoin can be safely called “digital gold”, if we analyze the dynamics of its movement in comparison with the main precious metal, Greenspan concludes.

A similar trend was observed in 2016, when gold also rose in price in parallel with BTC. Such a relationship between the two assets once again proves that Bitcoin began to integrate into the global financial system, which is certainly positive for the entire cryptocurrency industry.

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