American television channel CNBC traditionally reviews the market of cryptocurrency in the framework of its transfer of “Fast Money”. However, in the last broadcast, host Melissa Lee reported that this issue is dedicated to the “funeral” of bitcoin.
Referring to the “terrible dynamics of the crypto market,” Lee wondered if CNBC should continue to monitor bitcoin. “Unfortunately, the answer is negative,” she said.
Lee remembered the popular guests of Fast Money, who talked about cryptocurrencies, including Tom Lee, Mike Novogratz and Bred Garlinghouse, on which “we will miss the most.” She also mentioned the predictions of Novogratz and Tom Lee, who said that bitcoin would rise to $40,000 and $25,000, respectively.
“And we also had a number of original personalities: Bitcoin-Jesus, oracle bitcoin, all 500 co-founders of Ethereum. Of course, we will not forget the screenshots with Coinbase and the crazy trolling on Twitter,” she continued.
Although out of context this presentation may seem like another attempt by the mainstream media to blacken the cryptocurrency market, in reality it turned out to be an introduction to the analytical part of Brian Kelly, who hastened to interrupt Melissa and report that today bitcoin will not “bury”.
“Wait, wait, let me say a few words. Be that as it may, it’s not the funk of bitcoin,” Kelly interjected.
In his opinion, there are 3 factors that will contribute to the speedy “resurrection” of bitcoin. First, the mood in the market reaches the minimum levels. Kelly expressed the hope that the “funeral” of bitcoin will become that mark that can be referenced in the future to indicate the moment when the mood of the market along with prices unfolded and rushed up.
“You see, when the mania about bitcoin erupted, the mood was at its maximum. When we announce a “funeral”, it means that the situation becomes really terrible and the moods reach their minimums,” he explained.
The second point Kelly turned to the situation with the regulation of stock exchanges in Japan. The Financial Services Agency of Japan recently introduced new rules for the exchange of cryptocurrencies and required that some of them improve their anti-money laundering practices.
“In the short term, it will be difficult, because they stop accepting new users. But in reality they clean the system, they are convinced of its reliability, are convinced that it will become better for people,” he added.
And finally, Kelly talked about the development of the case of Mt.Gox. It was transferred to the status of civil rehabilitation, which means that the trust manager will not sell massively bitcoins in the near future, although sales can resume when creditors receive compensation in the next year and begin to liquidate the cryptocurrency, he said.