The watchdog has cautioned investors about the pitfalls of investing in crypto in the past. The latest warning comes amid renewed investor interest in the space and a recent surge in the price of bitcoin.
Analysts had been warning that a correction was due and the price fell dramatically over the weekend. Bitcoin has fallen by around 12% over the last 24 hours to trade around the $35,650 mark (BTC-USD).
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Bitcoin has risen in price by nearly 300 per cent in 2020, outperforming the combined gains of gold and the Dow Jones stock market by a factor of 10.
Recent gains have propelled the cryptocurrency to new record highs of close to $30,000 (£22,000), having traded below $5,000 as recently as March.
Bitcoin’s performance have led some analysts to speculate that we are in the midst of the third great price rally in its 11-year history, as investors increasingly view it as a form of “digital gold” rather than a speculative investment or cash alternative.
Read the full bitcoin members article on the Independent News Channel
In the 2008 crash there was a big build-up of publicity stating gold price had been steadily rising and there was more than one reason for this as similarly showing the same signs as of today.
Earlier in the century gold price went extremely low and at this point gold so cheap to buy the demand rose not only for use in jewellery and electronics it started to have many more applications requirements for the new world order!
As this virus kicks even more into the further; “what are we going to spend money on”? We are all house bound, Amazon is suffering, army’s controlling the streets and we can’t go out its limited, restricted unless shopping for essentials. “What a madder world this has become”!
We are living in uncertain times and some saying ever recorded in history. That in itself is a good enough reason for gold prices to rise temporarily it’s called panic buying in the same way it is including necessities, essentials and food etc.!
Inflation occurs when demand is consistently greater than supplies and that is sure the case for today so our advice is to buy little but hold out for this to sink much lower.
Recent government chemical structure will support some of the demand during this difficult period, however it is highly unlikely demand will be boosted excessively as money dries up quickly!
Watch this space on Bitcoin Members…
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Some of the content on this page was taken from article on Yahoo Finance March 2020…
Bitcoin results have shown dominance and needs to reclaim 60% movement before June 2020 and although dominance of bitcoin is still down 4% the highs for the overall year to date are at around 60%. There has been a general safety flight in Bitcoin it is pushing on an upwards trend so watch this space and buy your gold now click here
To continue reading the rest of the content taken from in this post; it can be found on Coin Telegraph’s website found here – https://cointelegraph.com/
