Speaking to Bloomberg, Peter Tchir, head of macro strategy at Academy Securities, expects Bitcoin to continue selling. According to Tchir, the drops will not only affect the cryptocurrency market and will have wider repercussions.
Emphasizing that the crypto money market has fallen from three trillion dollars to under one trillion dollars, the senior name of Academy Securities said, “There were huge wealth effects. I think this will reflect on the economy in general. This will be bad.” said.
Making statements for crypto regulations, the analyst said:
“I think the trick is that, like most other assets you own, you can easily prove it, whether it’s stocks or gold. That’s the tricky part of crypto.
Stating that the rise of Bitcoin is directly proportional to the adoption, Tchir noted that Bitcoin will fall below 10 thousand dollars. Tchir said that these price levels could come even this year. At the same time, one of the Forbes market analysts, Tchir, stated that the economy and the data turned upside down while claiming that the treasury bonds would rise and said, “No matter how hawkish the Fed wants to talk, the markets are starting to not listen to him.” used his statements.