Michael Moro Acknowledges The Crypto Market Ugliness, Optimistic Bitcoin's Bottom Is $3,000

In an interview with CNBC, Michael Moro, CEO of trading firms Genesis Trading and Genesis Capital Trading, revealed that he expects to see a continued downward trend, ‘until you kind of hit the 3K-flat level'.

It is believed that Bitcoin, inherently, has a floor since it requires equipment and electricity for mining. Moro was asked what could be the new floor since BTC price is already below the break-even cost for mining.

He replied:

“The cost of mining is going to go down, simply because the hash rate is dropping.The largest miners are willing to mine at a loss, up until the difficulty adjustment happens on the BTC network and the break-even cost adjusts over time.”

Moro advised against buying the dip but said long-term investors are more equipped to handle bitcoin’s plunge and wait for the price to rebound.

“This is about the fifth or sixth 75 percent-plus drawdowns that we’ve seen in the 10-year history of bitcoin,”

he said.

“And so if you have that [long-term] lens, I don’t believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they’re looking at things three to five years out.”

Drawing a little evidence to his assertion he revealed that investors are starting to recognize Bitcoin, with its weaknesses, powers, and all. Recognizing that cryptos have endured an onrush unabated stream of criticism for upwards of 10 years. Moro even said that the many investors are comfortable with the approaching Bitcoin prices.

BTC’s moving averages and momentum indicators show that the crypto prices have been going down for no reason, even while trading volumes are as high as it has ever been. Moro asks speculators to stay away from such markets and only people who actually use the technology have to stay.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Coinbase and Circle Consortium's USDC Stablecoin is Now Integrated on Solana Blockchain

The Center announced today Solana blockchain as an official Chain for its USDC stablecoin. As an expansion of the “fully-reserved and regulated digital dollar stablecoin,”...

Ethereum Classic & IOHK Team Up to Find Solutions to Prevent 51% Attacks On The Blockchain

The Ethereum Classic Cooperative development team partners with Input Output Hong Kong (IOHK) to counter the numerous 51% attacks on the Ethereum Classic...

OKEx Exchange Resumes P2P Fiat Trading for Chinese Yuan, Indian Rupee, & Vietnamese Dong

Cryptocurrency exchange OKEx announced on Wednesday that it is resuming peer-to-peer (P2P) trading for CNY, INR, and VND fiat pairs from today at 12:00...

SEC Proposes $5 Million Settlement in Kik’s $100 Million Initial Coin Offering (ICO) for KIN

Kik Interactive, the embattled Canadian messaging startup, seems to have finally reached a settlement deal with the SEC regarding its illegal ICO back in...

First UK Public Listed Company, Mode Global Holdings, Converts 10% of Cash Reserves into Bitcoin

What started with public listed company MicroStrategy has now become a movement as more and more companies continue to join the ranks. This month, after...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today