Bitcoin continues downfall, Allianz says it costs nothing anyway

Bitcoin has fallen down towards the numbers last seen in November 2017. At the press time, it costs $7,878.31 (-14% in 24 hours). As it usually happens on this market, major altcoins the developers of which always like to tell about their independent nature fell down too. In a notable example, Ethereum costs $587 (back to December 2017 values).

One can now state that the most pessimistic scenario from Sheba Jafari’s January prediction came true - Bitcoin has indeed reached $7800 in its new bearish trend, quite possibly, accelerating the fall of other digital currencies due to its share on the market.

Meanwhile, a European investment company called Allianz Global Investors tells: Bitcoin has no intrinsic value and the economic bubble may finally burst soon. Those interested in the topic should keep in mind that the burst of the bubble has been talked about since the last year, but it still has not happened yet. There is also a possibility of Bitcoin falling downwards to, say, $1 and slowly regaining its price afterwards, as similar price growth spikes have already happened before (albeit on a smaller scale).

Image courtesy of Reuters