In a recent interview with Bloomberg, Scott Miner, Guggenheim Partner’s global chief investment officer, stated that the price of Bitcoin (BTC) will continue to fall further. Miner said, “I think prices will go down more. Here we will have something akin to the collapse of the internet bubble to have a chance to determine who is the winner and the loser. I don’t think we have completely cleaned the system yet.” he used his statements.
According to Miner, From a trader’s point of view, it makes sense to take advantage of the opportunity to see higher prices in the short term. But the name in question feels that as an investor, cryptocurrencies are under pressure from a regulatory perspective. Miner also states that there is no real institutional money to support this.
Bitcoin price rallied markedly on Wednesday after the US Federal Reserve raised interest rates by 75 basis points. The cryptocurrency in question had fallen by as much as 14 percent until the central bank’s announcement. It then rose to $23,452 on the Bitstamp exchange.
Minerd stated that the FED might not be as hawkish as it thought. At the same time, opposing the claims of Fed Chairman Jerome Powell, Minerd stated that it is really difficult to claim that the USA is not in recession. Minerd noted that the $8,000 level could become Bitcoin’s “ultimate bottom.”
The US Federal Reserve announced the much-anticipated rate hike. It was reported that 75 basis points increased the policy rate. Thus, it was observed that the interest rates from 1.50-1.75 percent increased to 2.25-2.50 percent.