- Bitcoin stepped above $3,900 on Saturday but could not sustain movement towards $4,000.
- According to Nouriel Roubini cryptos are unstable, not a store of value and can never be scaled for payment.
The weekend trading came to a halt without any major movements on the market. However, Bitcoin stepped above $3,900 on Saturday but could not sustain movement towards $4,000. The world’s largest cryptocurrency by market capitalization formed a high at $3,951.76.
At present, Bitcoin is trading at $3,868.71 following a 0.76% loss on Monday. The majority of the top ten cryptocurrencies are in the red apart from Stellar which has been on a solo mission breaking barriers to the upside. Besides, XLM is steadily creeping for the 8th position on the market and could soon dethrone Tether (USDT).
Read more on Stellar price ballistic rise:
Bitcoin is still defending the bearish flag pattern support we discussed on Friday last week. A break below the pattern support could see the price plunge to lows close to $3,700. Meanwhile, both the 100 SMA and the 50 SMA 4-hour are positioned to offer support as observed on the chart below. The bulls seem to be slightly in control with the RSI revamping the direction upwards while the MACD has maintained its position in the positive.
BTC/USD 4-hour chart
Nouriel Roubini, a well-known Bitcoin and cryptocurrency critic has launched fresh attacks on the digital assets and their underlying technology, blockchain. In a recent interview with CFA Institute, the American economist said that he does not anything the connects blockchain to the future of finance. He added that cryptos are unstable, not store of value and can never be scaled for payment.
“I know one when I see one. And, of course, knowing when there is a real bubble “” it’s a long and complicated story. But to me, the whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.”
He added in regards to the larger crypto space:
“Well, I engage on Twitter and I also have attended many of these crypto or blockchain conferences. I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class, while at the same time completely and totally ignorant of basic economics, finance, money, banking, central banking, monetary policy.”