There are 4–5 news that can be responsible for the recent FUD regarding Bitcoin. The first you may have already heard: Mt. Gox moved 8,214 btc. Note that it has only moved them and not sold, but as we know Mt. Gox and its problems scare the market.
The second: UPbit, the largest Korean exchange, accused of fraud and currently under investigation. Korea is not new to these facts. In March, prosecutors raided the offices of three exchange accused of stealing funds from customer accounts. One was Coinnest, the fifth largest in Korea at the time. Kim Ikhwan, the company’s founder, and another executive were taken into custody at the beginning of April. The fact is that volumes deriving from Korea have decreased considerably.
The third concerns Warren Buffett who continues what seems now a personal war against Bitcoin calling it “rat poison”. We will not dwell on this, because we have written a particular op-ed about this topic. You can read it by clicking the following link: https://medium.com/@melis.io/why-warren-buffets-theory-behind-his-non-investment-choice-in-bitcoin-is-wrong-53a60491fcf8
The fourth: Yesterday Bank of America confirmed that it will prevent the purchase of cryptocurrencies with its credit cards, defining them “designed not to be transparent”.
The last one brings us a bit of optimism. Next week in NY there will be the Consensus, the biggest crypto and blockchain conference in the world. In past years this event has brought optimism to the markets.
We’ll see.
