If Bitcoin (BTC) cannot remain at the $17,000 level for an extended time, a leading expert in Japan has forecast that crypto selloffs may accelerate.
According to the Japanese media site CoinPost, the assertion was made by Yuya Hasegawa, a market analyst at the Japanese cryptocurrency exchange bit bank. Despite recent difficulties, Hasegawa stated that “fortunately” for cryptocurrency owners, the market has not “seriously” crashed.
However, Hasegawa said that selling might quickly pick up if prices “fail to remain at the $17,000 level.”
The expert made the observation that changes in monetary policy in Europe and the United States, in particular, have had a direct impact on the price of cryptocurrencies.
Hasegawa continued, noting that BTC markets have changed to the downside in what seems to be a direct reaction to rising interest rates in the USA.
However, others have asserted that changes to interest rate plans are imminent during the first few months of 2019. South Korean researchers suggested that if that happened, “stabilising” inflation data “over the first half of next year” may increase demand for BTC and other tokens.
Good News In Japan Can Stop Crypto Selloff: Is It True?
Japan’s prices have recently risen due to a bullish move by the Tokyo Electric Power Company, the country’s largest energy supplier (TEPCO).
Last week, media sites stated that TEPCO was considering getting into the bitcoin mining business and intended to use extra electricity to operate the equipment.
After being told to stop mining in Russia early this year, several Japanese mining companies are still seeking ways to speed up their operations. Japan’s comparatively high electricity rates have constrained the expansion of the local BTC mining industry.
However, the recent TEPCO project may alter this scenario. According to the media, the semiconductor company Triple-1 and TEPCO have signed a contract. According to reports, a company named Agile X is also taking part in the initiative, which will launch with a trial in TEPCO’s Tokyo facilities.
The owners have discussed a strategy to establish mining hubs “all around the country.”
BTC prices in Japan are anticipated to increase in response to such encouraging news. Hasegawa cautioned, though, that influences from abroad would continue to tug in the other way.
The analyst forecast that bit banks experts would “in the medium term” “anticipate a tug-of-war between forecasts of a slowing in the pace of Federal Reserve rate rises and concerns about the economy.”
Will the price of cryptocurrencies continue to rise, fall, or teeter on an uncertain road for investors? Will Bitcoin’s erratic behaviour persist?
Will the function of regulation become increasingly important? Which cryptocurrency would be the most excellent investment for the upcoming year?
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