Bitcoin Drops Amid Renewed Criticism, Traders Predict Tough Times Ahead
Summary:
Bitcoin fell to its daily lows prior to the Wall Street open on Jan 17 amid criticisms from the World Economic Forum. JPMorgan Chase CEO, Jamie Dimon dubbed Bitcoin a "pet rock", highlighting concerns such as money laundering and tax evasion. Following last week's plunge, Bitcoin remains unpredictable, with expert traders anticipating continued range and a shift of focus onto altcoins in the coming months.
Bitcoin (BTC) dropped to its daily lows ahead of the Jan. 17 kick-off of trading at Wall Street, amidst renewed criticism from mainstream platforms in the course of the World Economic Forum (WEF). BTC/USD 1-hour chart. Source: TradingView. Jamie Dimon, the JPMorgan Chase CEO, likened Bitcoin to a "pet rock".
Factual details obtained from Cointelegraph Markets Pro and TradingView revealed that the value of BTC plummeted to $42,400 on Bitstamp. The largest cryptocurrency had been sadly rangebound post last week's volatile events, and repeatedly struggled to hold up at $43,000 due to an ample lack of liquidity.
The adverse climate only worsened due to the disparaging remarks from Jamie Dimon at the WEF's annual event in Davos, Switzerland. In an interaction with CNBC, Dimon dismissed Bitcoin as a currency of no value. He raised concerns over money laundering, scams, tax evasion, and sex trafficking, recycling common but debated criticisms of the cryptocurrency.
Dimon went on to assert he will not bring up Bitcoin on the platform in the future, and urged hosts to refrain from discussing it. It is worth noting that Dimon has often asserted his refusal to talk about Bitcoin. When questioned about the recent spree of spot Bitcoin ETF launches, he stated indifference to Bitcoin adoption by rival firms.
He made a reference to Larry Fink, CEO of BlackRock, whose iShares Bitcoin Trust (IBIT) ETF witnessed more than $700 million in inflows in the initial three days, opining he may have contrasting views about blockchain versus functional currencies versus non-functional Bitcoin. However, he concluded by stating diverse beliefs contribute to market dynamics and that he would refrain from expressing his opinion on Bitcoin henceforth.
As for short-term BTC price forecasts, seasoned traders suggest rough waters ahead. Daan Crypto Trades forecasts challenging trading environment. Following last week's plunge, BTC remained unpredictable.
The expert trader emphasized patience and waiting for viable opportunities. An attached chart illustrated the highs, lows, and midpoints of the current range. Similarly, Crypto Tony anticipated range continuation, probable with a base in the upper $30,000 bracket, and projected spotlight shifting onto altcoins in the coming months. This piece does not purport to dish out investment advice. Every investment and trading action bears its risks, and readers are advised to undertake independent research prior to decision making.
Published At
1/17/2024 4:39:12 PM
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