The main crypto world news of last week is connected, of course, with the bitcoin's stubborn downward movement.

Behind, as after the flagship in the squadron, the bulk of the Altcoins reached out. Among the more or less noteworthy coins, only Etherium Classic went its own way, thanks in large part to the news of the imminent addition to Coinbase. On Saturday, on a number of exchanges, bitcoin fell below $ 7,000. The last time at these levels bitcoin bargained on July 18. The weighted average bitcoin rate, according to CoinMarketCap, may continue to hold up just above $ 7,000, but exchange users saw the rate drop to $ 6955 on Bitfinex and Bitstamp, to $ 6951 on Bittrex and to $ 6,927 on Kraken. Even lower - to $ 6,886 - the rate sagged on Coinbase.

This trend, of course, could not be ignored by skeptical "traditionalists". In the report of the strategic investment division of the banking giant Goldman Sachs, it is asserted that the bitcoin rate will continue its downward movement. However, according to analysts of the bank, this will not affect the traditional financial system, since the capitalization of the crypto-currency market is only 0.3% of world GDP. There are also a number of reasons for this forecast. According to pessimistic authors, crypto-currencies do not meet the three main characteristics of currencies: they are neither a means of saving, nor a means of exchange, nor a unit of measurement. Analysts could not resist adding that so much attention of the media and social media to the subject of crypto currency is not justified.

The developer of Bitcoin Core Peter Todd immediately reacted, describing the material as "published only to attract attention." The co-founder of Altana Digital Currency Fund, Alistair Milne, ironically wrote that the community should not pay any attention to the fact that the operator of the New York Stock Exchange is launching a global platform for trade and storage of crypto currency, because Goldman Sachs believes that bitcoin will not recover. By the way, it is worth noting that earlier the bank announced ambitious plans to launch a service for trading bitcoin futures.

The economist and bitcoin-investor Tour Demeester was less harsh. According to his forecasts, in 2018 bitcoin is no longer destined to update the highs. The main inhibitory factors are: weak retail demand, fluctuations of institutional investors and a greater dependence of capitalization on cash-activity. He believes that this year will be a shock for the crypto-currency industry: altcoins will be in the phase of the so-called lemon market, the main characteristic of which is asymmetric information, regulators will increase pressure, and infrastructure problems will worsen. The hashrate of the bitcoin network has increased threefold since January, which indicates the launch of more efficient mining devices or about the inflow of new miners, the economist writes. It is the miners that are the biggest sellers, as the profitability of bitcoin mining has fallen sharply (approximately 90% in 7 months).

Demeester also noted a significant decrease in trading volumes and merchant revenues in bitcoin, despite low transaction fees. In addition, the interest of retail investors fell sharply. According to a Gallup report three months ago, only 0.5% of US investors are ready to buy bitcoin in the near future. Demeester believes that the impressive rally of bitcoin, which the world witnessed in 2017, actually began in 2015, and the market needs to cool down after such a long growth. As a result, by the end of the year, we can expect continuation of the downward trend and the sideways. Nevertheless, Demeester does not doubt that there will be any significant growth in the long term.

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