Cryptocurrency News Today: Bank of America calls cryptocurrency / Bitcoin as troubling asset

Cryptocurrencies are again having a pretty sluggish speed. In most of the months this year, they have either seen a negative downtrend or they have been sluggish throughout the month in the peak. It seems like the current week and the month will go the same way.

Also, they continue to hope the limelight as well. Many financial institutions are actually commenting on cryptocurrencies and even initiating the coverage on cryptocurrencies.

Headlines about cryptocurrencies:

Recently, Bank of America stated that cryptocurrencies are actually troubling assets. They are used by criminals in order to launder the money. That is why many of the cryptocurrency exchanges are requiring more documents in conducting more due diligence in order to avoid such a problem. Moreover, when it comes to cryptocurrencies, banks are also banning the usage of their credit cards in order to invest in cryptocurrencies. JP Morgan, as well as Bank of America both, have banned the usage of their credit cards for investing in cryptocurrencies. This is clearly halting the March of cryptocurrencies. Moreover, it seems like the momentum is also getting stored in cryptocurrencies. In the last few months, they have gone nowhere. Sure enough, there have been a fewimpulses but they have not been followed by any sustainable rally. They have again come down to the levels from which they had started. That is why there are no significant returns in cryptocurrencies.

According to recent reports, by the end of next year, cryptocurrency Bitcoin is slated to trade about $ 20,000. According to a report by Fundstrat, it can to reach to $ 64,000. This marks the multifold increase from the current levels of $ 8600. Whether these levels are achieved are not remains to be seen. However, many of the research organizations are actually bullish on Bitcoin. They think that it can easily rise in the future as the bottom is already been made.

Name Price24H (%)
Bitcoin (BTC)
$9,217.39
-2.03%
Ethereum (ETH)
$240.85
-1.97%
Bitcoin Cash (BCH)
$236.70
-2.03%
XRP (XRP)
$0.200615
-0.78%
Litecoin (LTC)
$44.16
-1.99%
Bitcoin Gold (BTG)
$9.42
1.06%

Price movement in Bitcoin:

Currently, Bitcoin is trading around $ 8600. Moreover, it has fallen all the way from $ 10,000. That is why the price movement seems to be on the negative side.

If you’re really thinking of investing in Bitcoin, you should do so only when you’re having a longer-term perspective. In case, you’re having a shorter term perspective, it is not a good idea to invest in Bitcoin. In the shorter term, price movement cannot be predicted and therefore it can be risky to invest in Bitcoin.

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.