- Bitcoin price battles to oust weekend consolidation, welcoming volatility for a chance to fight for $10,000.
- According to Jim Rogers Bitcoin has not proved itself yet and could plunge to zero eventually.
The cryptocurrency landscape is turning back to the green following a weekend characterized by drab price actions. Consolidation mainly dominated the session especially for the top digital assets. For now, the majority of the cryptoassets, are in the green led by Ethereum (3.04%), NEO (3.9%) and Bitcoin Cash (2.51%).
BTC/USD is trading at $9,424 after breaking the seller congestion zone $9,400. The largest crypto has advanced from the opening value of $9,286. On the upside, an intraday high as been traded at $9,442.40. The region at $9,450 represents a short term hurdle for the bulls but there is still potential for gains above $9,500. It is important that the bulls approached the gains a strep at a time because lack of sustainability and follow ups for breakouts could result in losses under $9,000.
Ethereum is among the biggest single-digit gainers after extending gains from $227 (opening value) to $235 (market value). The breakout above $230 encouraged more buyers to join the market and push for gains towards $240. However, the trend has started to turn gradually bearish, cutting short the hope of seeing the price above $240. On the brighter side, the shrinking volatility means that very few rapid price actions are expected in the current session.
Ripple is following both Ethereum and Bitcoin closely. The price resumed the bullish action from $0.1858 (opening value) to trade intraday highs of $0.1886. XRP/USD is up 1.26% on the day and exchanging hands at $0.1879. All the effort among the bulls is focused on reclaiming the position above $0.19.
Bitcoin risks dangerous fall to zero- Jim Rogers
A leading investor, Jim Rogers in 2017 called out Bitcoin for being in a bubble. His sentiments have not changed as he still believes Bitcoin and other digital assets “will be in decline eventually and everything will go to zero.” Rogers was speaking during an interview with the Asahi publication AERA dot on June 19 when he explained that:
Those who use cryptocurrency think they are smarter than their governments.
In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.
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