Bitcoin (BTC) has reportedly suffered greatly after many months this week after falling sharply due to the return of the sell-off that has crippled the market in recent months. This sentiment finally puts any hopes of a so-called crypto winter to bed because the worse isn’t over yet.
As per CoinMarketCap data, Bitcoin’s (BTC) price lost 6% of its value since the weekend while Ethereum is down by 11%. As for the XRP token, 10% was shaded off its overall value in the same period.
Bitcoin (BTC) Price Today – BTC / USD
World Banks and Major Financial Services Providers Have Been Sounding Warnings About the Asset Class
The re-initiated Bitcoin (BTC) sell-off, is no surprise as global banks and major financial firms have been repeating stark warnings regarding the future of digital assets now the latest data suggests that there will be more pain for BTC, XRP, and ETH.
No less than $400 billion has been wiped off the entire cryptocurrency market in the last 12 months as bear sentiment continues, adoption stalls and banks continue to closely watch and anticipate wading into the Bitcoin (BTC) and crypto on hold.
Further analysis of the recent market positions shows that the last time the technical indicator gave a sell-off signal Bitcoin (BTC) sharply dropped from about $6,300 per token against the USD to $3,100 per coin against the USD in only two weeks.
JP Morgan: Crypto Investors Should Diversify From Stocks and Other Assets
Meanwhile, last week United States banking giant, as well as long-time Bitcoin and crypto skeptic J.P. Morgan, warned investors buying Bitcoin (BTC) to diversify their investments by adding stocks and other assets. This isn’t a bad idea because Bitcoin’s price has remained in an extended bear market since 12 months ago.
The epic 2017 bull run Bitcoin (BTC) initiated to see its price climb from below $1,000 to nearly $20,000 13 months ago, was largely due to the fact that they were expectations of institutional investments coming into the space and an impending banking support for Bitcoin (BTC).
As the year 2018 dragged on the initial hopes of incoming investments in the cryptocurrency space failed to materialize which made investors and traders get cold feet, and began to bail out of their crypto positions. J.P. Morgan’s latest warning is one of an avalanche of criticism targeted at cryptocurrencies from the financial services sector in recent weeks.
Other Institutions Sound Their Warns About Crypto
According to a previous report from last week Huw van Steenis, who serves as a senior adviser at the Bank of England, warned that Bitcoin (BTC) and other major digital assets fail the basic tests of what financial services are.” Earlier in the month the BIS (Bank of International Settlements), found that most countries around the world regard crypto as a niche tech as opposed to being the future of money, a sentiment carried by many crypto enthusiasts.
However, despite these warns and prolonged bearish trend in the crypto space, it isn’t all bad news for the Bitcoin (BTC), Ethereum (ETH), and XRP as well as a host of altcoins. A section of experts believes that despite the ongoing bear market, there are a few obvious signs that suggest the digital asset industry is thriving. The fact that Bitcoin’s (BTC) transaction rate is going higher in recent months is reportedly a relief for the bear sentiment plagued sector.