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Bitcoin [BTC] below $5000 is a good buy, says El-Erian

Priyamvada Singh



Bitcoin [BTC] below $5000 is a good buy, says El-Erian
Source: Pixabay

According to CNBC’s report, El-Erian, the veteran businessman, and economist has said that Bitcoin will be worth buying if the prices drop below the $5,000 mark. Today, the Bitcoin price dropped below $6,000 once again and had a steep fall all the way down to a 70% from its peak. Erian’s remark was in reference to the same.

El-Erian is the Chief Economic Advisor at Allianz. He is considered to be one of the most influential individuals in the world of finances.

The advisor added:

“I don’t think you get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of bitcoin consolidate and then that provides you a lift.”

Last year saw the crypto-market celebrating rocketed prices and enjoying the green privilege since the popularity and demand for digital assets had touched the sky. Bitcoin’s price at its pinnacle has climbed up to $19000.

Along with all the perks, decentralization and cryptocurrencies have its own drawbacks. Several cybersecurity issues started to emerge and have been on the crypto-radar for months now. Cases of exchanges under hacks, malicious cryptojacking tools, ICO scams, and suchlike have come into visibility and created a panic among the community causing the market to ultimately crash.

El-Erian also stated that cryptocurrencies are more likely to act as commodities in the future of finance. He indicated that more thrust should be put on the blockchain technology. He said:

“I suspect that if you look 10 to 15 years down the road, we will have digital currencies but the public sector will have involvement in that. It will not be pure bitcoin. But the blockchain technology, take that seriously.”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%




Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.

Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”

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