Jordan Hiscott, Chief Trader at ayondo markets “Summer of discontent continues for Bitcoin and $5,000 could be challenged within weeks”
By FF Newsroom · 2 July 2018
“The summer of discontent continues for Bitcoin, as it slowly but consistently moves lower. Now the asset is trading at $5,800, certainly the significant support level of $5,000 is in sight. Initially I had predicted that by the end of the summer we would have at least challenged the $5,000 level, but in reality this could be reached within a couple of weeks.
“Various catalysts can be attributed for this, but for me the hacking of exchanges has a huge detrimental effect on the confidence of the crypto asset. At the moment, given the prevalence of these attacks, I am wondering why the main exchanges don’t have cold storage wallets. Importantly, these storage applications for crypto assets operate on an offline basis, so the chances of hacking should be massively reduced.”