Bitcoin May Not Make a Comeback This Year, Chinese Analysts Claim

Francisco Memoria

Various analysts in China reportedly believe that bitcoin, the number one cryptocurrency, may not make a ‘big comeback’ this year. After enduring a year-long bearish trend that saw its price dip from a near $20,000 all-time high to a $3,200 low, it may not yet be ready to recover.

Per local news outlet Beijing News, analysts in China are cautious when it comes to the cryptocurrency’s future in the short-term, as they argue the market won’t likely see large returns this year.

Sun Hang, a senior analyst at Token Club, claimed that in the short run we may see the market move upward due to an “imbalance” between supply and demand. Even if the price does rise, Hang added, it’ll likely only happen in the second half of this year.

As for whether investors should put their money in bitcoin this year, Hang revealed it depends on the investors. If they’re looking to hold for “3 to 5 years”, he said, it “makes sense to buy [the] dip in 2019.”

 If they’re looking to invest for a shorter amount of time, he added, they should be careful as “bitcoin is unlikely to outperform other investment targets due to the limitations of blockchain technology over the next 12 months.” As to whether bitcoin was close to bottoming out, he noted it wasn’t clear.

Per 8BTC, another analyst named Huang Liang took a different approach. He was quoted as saying:

At both macroeconomic (tight liquidity within the crypto market) and microeconomic level (slower-than-anticipated blockchain adoption), 2019 will not be a year for bitcoin’s strong corrective rally.

The analyst added that BTC’s price may still drop further this year. Another analyst, Xiao Lei, revealed he sees this year as one in which cryptocurrencies look for a “survival value,” and not one in which cryptoasset prices repeat 2017’s rally, although it’ll be better than last year’s bear market.

Per his words, in 2019 we can expect volatility in the market, with heavy correction included. Lei was quoted as saying:

The best investment strategy is to keep calm, pour a relatively small amount of money into the market and accept the volatility.

At press time, bitcoin is trading at $3,900 after rising 1.7% in the last 24-hour period. The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted index that tracks the price of the top 100 cryptos, shows BTC is outperforming most top altcoins, as the index is up 1.1% in said period.

Other top altcoins, however, are performing much better. Ether, the second-largest crypto by market cap, is up 5.7% to $159.2, while Tron’s TRX has surged 10% over BitTorrent’s BTT token, while litecoin is up 13% as it’s trading at $36.

Dark Web Marketplace Bans Vendors Selling Fake COVID-19 Vaccines for Bitcoin

Dark web marketplace Monopoly Market has reportedly taken a stance against those trying to profit off of the COVID-19 outbreak, banning any vendor trying to take advantage of the pandemic.

According to The Independent, various sites on the dark web have seen a surge in listing selling materials for bitcoin claiming to be able to protect people from the disease. Monopoly Market’s admins have warned users they won’t be allowing these listings.

The market, which is relatively now and has little over 100 active vendors selling drugs ranging from cannabis to steroids for BTC or XMR, made the warning after receiving an influx of coronavirus-related listings from scammers. A forum post reads:

Any vendor caught flogging goods as a ‘cure’ to coronavirus will not only be permanently removed from this market but should be avoided like the Spanish flu.

Monopoly Market is also barring users from selling items impacted by shortages, including face masks. The post adds users are not to “under any circumstances use COVID-19 as a marketing tool.” On dark net markets, fake coronavirus vaccines claiming to be “fully tested and confirmed” have been spotted in listings, going from $200 to $300 in BTC.

There are currently about 20 vaccines in development in labs throughout the world, but experts have warned it could take 18 months for one to meet regulatory tests and standards. The Independent notes these are unrelated to the listings, however, as one vaccine listed on the Agartha market, priced at $300 in bitcoin, contains a mix of nicotine, cocaine, and amphetamines.

Monopoly Market has also called on vendors to take precautions to avoid transmitting the virus to clients:

You should already be doing this but please wear a pair of gloves, old pair of reading glasses, and a face mask if available. Vendors in all conditions should be keeping a certain level of good hygiene.

This is notably not the first time darknet users voluntarily halt the sale of dangerous or dubious products. In 2018, major marketplaces banned the sale of fentanyl after it was linked to hundreds of accidental overdoses.

Scammers, as CryptoGlobe reported, have even been impersonating the World Health Organization to steal bitcoin meant to help fight the coronavirus outbreak.

Featured image via Pixabay.