With crypto markets in red for the past few days, analysts have advised that families who are gathering together for Thanksgiving refrain from talking about Bitcoin.
Holiday season 2017 had witnessed a spectacular performance by the world’s first cryptocurrency, Bitcoin. In less than a month, the currency reached its peak price of about USD 20,000. Back then, things were rosy. Crypto exchanges such as Coinbase were getting new customers crypto every day. The investors who owned Bitcoin were luxuriating in the fact that they had invested in Bitcoin at the right time to see it go up so high.
The current season, however, tells a different tale. The trend that started in January 2018 has continued thus far with a steady decline in the prices of Bitcoin. The month of November which usually sees a spike in crypto prices has been highlighted this year with a downward trend with the world’s first cryptocurrency taking a further USS 20,000 nose dive from the already unimpressive price levels of USD 6,500.
With Bitcoin trading at USD 4,565.87 at the time of writing, the downward trend has been scaring a lot of the investors. Many are left to wonder if Bitcoin was worth investing and if they should get out before it goes down even further. It is the reason why experts are telling investors not to discuss the price of Bitcoin during their family get-togethers to prevent the atmosphere from getting gloomy.
As per Andres Garcia Amaya, the Chief Executive Officer at Zoe Financial Inc, while last year people were flamboyantly showing off their earnings in Bitcoin, this year the topic is better kept under the wraps.
Lewis Fellas, the Chief Investment Officer at Bletchley Park, Asset Management, a crypto fund, seconds Amaya’s opinion. According to Fellas, the worst is yet to come. Hence discussions surrounding Bitcoin are best avoided at Thanksgiving parties.
“Right now, there is a huge capitulation. I don’t think the worst is over yet. Where we struggled this year is that the market will be kind of stable, but then we’ll have a very sharp idiosyncratic shock. There’s the old trading saying of up the stairs, down the elevator.”
The reasons for the crash in the price of the world’s first and the most valuable cryptocurrency are plenty. However, the first that comes to mind is the recent Bitcoin Cash Hard Fork. Not only that the Department of Justice is investigating Bitfinex and Tether for possible Bitcoin price manipulation during its peak price last December.