Oanda’s Head Trader: Amid Tumbling Bitcoin Prices, Institutions Refuse to Offer a Helping Hand
Bitcoin has been falling for a while, especially considering the Bitcoin Cash fork that still hasn’t leveled out. Presently, as of November 26th in the morning, Bitcoin is priced at $3,804,98, having only lost about 0.29% in the last 24 hours. While the market looks for something to save the once-successful coin, there’s one thing that Oanda’s head of trading feels for certain – institutions aren’t going to help.
Stephen Innes, the Oanda head, spoke recently during an interview about how Bitcoin has been falling lately, and what could transpire for the rest of the cryptocurrency market. He believes that the current market is no less than an old western show, and it is important for investors to protect themselves with an examination of the risky metrics involved.
When speaking to Bloomberg, Innes commented that the tokens have not reached the bottom yet.
He said, “Therefore, I don’t think any mature investors are willing to catch this falling knife and that tells me there’s more room to go and as soon as we hit some of these key rounds figured inflection points at $3,500 and $2,500. I think that’s like the psychological impact that will weigh on more inexperienced traders.”
While Innes isn’t against the crypto industry at all, he said that there’s a certain amount of uncertainty involved with direction of the cryptocurrency, though blockchain seems to be secure.
He noted, “Considering the momentum we’ve had over the past year, this price action is not positive and despite what soothsayers say, it’s not a good time to go in because we really can’t quantify what we’re really buying at these levels. This is the issue I have with trying to understand coins at specific inflection points.”
Still, unlike a lot of the market, Innes doesn’t think that Bitcoin’s current demise is based on just a single factor. He said that, though the fork of Bitcoin Cash seems to be where much of the credit is due, the stricter policies surrounding the SEC with cryptocurrency exchanges and ICOs plays a role as well.
He added that the way that institutions haven’t been participating could be to blame as well. Their lack of involvement is leaving many cryptocurrencies, Bitcoin included, to be swimming without any potential branch to grasp.