Here's Why Bitcoin, XRP, and Dogecoin Are Looking Weak Today

  Here's Why Bitcoin, XRP, and Dogecoin Are Looking Weak Today   Big Claim: A famous investor famously predicted: Crypto will "go to zero."  

What happened

Cryptocurrency prices seem to have started the week on a weak note on Monday. Here's how a few of the best-known names in this industry are doing as of 9:45 PM EDT: According to Coindesk data, respectively:

• Bitcoin (CRYPTO:BTC) is down 1.7 % in the last 24 hours.
• XRP (CRYPTO:XRP), the closely related token to Ripple, was worse, down 2,6 %.
• Dogecoin (CRYPTO:DOGE) fell 2,9 %.

But on the bright side, Ethereum (CRYPTO:ETH) was only down 0,9 %.

So what

Lack of leverage can be cited as the reason that upsets cryptocurrency investors. The warnings from best-known cryptocurrency site Coindesk, which announced in a morning article that cryptocurrency exchanges FTX and Binance have "lower system-wide leverage" as they limit traders to 20x leverage on their trades. At least in theory, restricting the leverage that traders can trade with reduces their trading volumes to some extent, leading Coindesk to think that price fluctuations in the cryptocurrency market should become a "tactile tame" going forward. Now what Of course, it takes work both ways to tame markets. It serves to reduce the frequency and extremes of rising Cryptocurrency prices, which is bad for investors.

Here's Why Bitcoin, XRP, and Dogecoin Are Looking Weak Today

  However, why this neutral effect did not prevent the prices of Bitcoin, XRP and Dogecoin from falling today. It is worth consulting with hedge fund trader John Paulson to clarify this situation. In an interview with Bloomberg over the weekend, Paulson praised the advantages of investing in gold and compared them to the risks of investing in cryptocurrency. He reiterated his warnings that these are "a bubble" and "no limited supply". While Paulson said that Bitcoin and similar cryptocurrencies could rise as they have a limited supply, he simply stressed that "no cryptocurrency has any real value" and said that he expects all of them to "go to zero" eventually. A similar prediction from an investor of Paulson's reputation is likely the reason why cryptocurrency prices fell today.

Source The Motley Fool

 

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