At 05:25 Moscow time, the world’s most famous waning cryptocurrency, Bitcoin lost 12% in value, falling below the psychological mark of ten thousand dollars down to 9.8 thousand dollars, as per data from CoinMarketCap.
Other popular cryptocurrencies are also traded in negative territory. The price for Ethereum dropped ten percent to $ 1,045, Ripple lost 15 percent, its price is now slightly more than a dollar.
Capitalization of the market now amounts to $ 494 billion with the share of Bitcoin at approximately 34 percent.
American billionaire George Soros, speaking at the World Economic Forum in Davos, called cryptocurrencies and, in particular, Bitcoin a typical financial bubble. He stressed that the currency is considered a stable means of value accumulation, and the rate cannot vary by 25% per day, since it depends, in particular, on people’s salaries. He also noted that cryptocurrency is pure speculation, which is always based on a misunderstanding.
In turn, the representative of the German bank Deutsche Bank, Markus Muller, advised not to invest in cryptocurrencies.
“This is only for those who invest speculatively. There is a real risk of total loss of money invested“, he said.
Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.