Bearish tendencies at the crypto currency market were warmed up by the statements of the researchers of the Swiss Higher Technical School of Zurich that the first crypto currency is "significantly overvalued", and its capitalization may fall to the mark in the range of $ 22-44 billion.

The basis for calculations was Metcalfe's law, which states that the usefulness of a network is proportional to the square of the number of its users. In other words, the value of bitcoin depends entirely on the community of people using it. Scientists are convinced that this model allows us to detect periods of deep fall in the price of bitcoin. An illustration for such "bursting bubbles" is a pronounced downward movement in the price of the first crypto currency in 2011-2013, as well as at the end of last year. According to Swiss scientists, it was during these periods that the price of bitcoin was much higher than its fair value. Also, researchers are convinced that at present the price of the first crypto currency is moving along a similar trajectory, as it was after the collapse of Mt. Gox. According to them, bitcoin will find a strong level of support only when the volume of market capitalization reaches $ 22-44 billion.

Venezuelan currency El Petro remains in the sight of crypto market - this time in connection with the proposal of the Minister of Foreign Trade, Jose Vielma Mora. The Minister, apparently in a sign of high confidence, offered to pay with this national treasure for car parts and parts supplied from Russia. He said that at the meeting of the bilateral intergovernmental commission in Caracas, an alliance with the Russian "KamAZ" was discussed. Venezuela and Russia are long-standing allies in opposing the West, primarily the United States. This seems to be the reason for the optimism of Vielma Mora about the "proposal, which can not be abandoned." In the management of KamAZ, however, this initiative met rather cold reaction. The head of the press service of the enterprise said: "At the moment we have not received any official offers. Prior to their receipt and familiarization with the conditions, it is premature to talk about any interest from KamAZ. "

In "KamAZ" clearly do not share the opinion of the executive secretary of the Venezuelan "Observatory of the blockade" Daniel Peny that the sanctions imposed by President Donald Trump against El Petro are, in fact, "free advertising" of this digital currency. Peny assures that the decree prohibiting US citizens from any operations with "oil-rich" crypto currency helped to double the number of investors interested in El Petro. During the interview with the local edition of Cuatro F, Peny expressed the opinion that crypto-currencies and the underlying technology of blocking are "important steps for the revolution of mankind".

 

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