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‘It's too dangerous’: Mark Mobius predicts Bitcoin may fall to $10,000

‘It's too dangerous’: Mark Mobius predicts Bitcoin may fall to $10,000

According to the report, some cryptocurrency analysts are predicting a return to $10,000, which would take Bitcoin to levels last seen in 2020.

 According to the report, some cryptocurrency analysts are predicting a return to $10,000 According to the report, some cryptocurrency analysts are predicting a return to $10,000

American-German investor and Mobius Capital Partners' co-founder Mark Mobius believes that there is still room for the crypto market to crash.

In an interview with Bloomberg, the co-founder of Mobius Capital Partners LLP predicted that Bitcoin price will fall down to $10,000. “It's too dangerous," he said, adding that he would never invest either his own money or that of his clients in digital assets.

"But crypto is here to stay as there are several investors who still have faith in it," said Mobius, adding that, "It’s amazing how Bitcoin prices have held up despite the FTX fallout.” 

The chaotic collapse of Sam Bankman Fried's exchange FTX and sister trading firm Alameda Research has cast a pall over the digital-asset market. The fear is that the contagion will spread and bring down more crypto companies.

According to the report, some cryptocurrency analysts are predicting a return to $10,000, which would take Bitcoin to levels last seen in 2020 before the token's bull run to a record of nearly $69,000 by November last year.

Deribit options data show a large number of outstanding Bitcoin put contracts – so-called open interest – at a strike price of $10,000 for an end-of-December expiry.

Published on: Nov 29, 2022, 5:05 PM IST
Posted by: Shubham Singh, Nov 29, 2022, 4:57 PM IST