The liquidation of cryptocurrencies there’s still room to get worse, according to the manager global Mark Mobius🇧🇷
The co-founder of Mobius Capital Partners said in an interview that his next target price for the Bitcoin is $10,000. He added that he would not invest his own money or clients’ money in digital assets because “it’s too dangerous”.
“But cryptocurrencies are here to stay as there are a lot of investors who still believe in them,” said Mobius, who spent more than three decades at Franklin Templeton Investments. “It’s amazing how Bitcoin prices held up” despite the FTX collapse, he added.
The chaotic bankruptcy of the crypto exchange Sam Bankman-Fried weighs on the digital asset market. The concern is that the contagion could bring down more companies of the sector.
Several experts are eyeing a return for Bitcoin to $10,000, the level it was last at in 2020, before a rally that took the token to an all-time high of nearly $69,000 in November of last year.
Data from Deribit shows a large number of Bitcoin put options open at a $10,000 strike price, expiring in late December.
The concentration of bets on options suggests that derivatives investors anticipate that this level may be tested.
Bitcoin tumbled as much as 3.2% on Monday to around $16,050 amid sullen moods across global markets. Other digital assets like Ether also suffered losses. One indicator of the top 100 cryptocurrencies is down 65% this year.
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Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
