Warning of a “big fall” in the value of Bitcoin

The market for cryptocurrencies such as Bitcoin and others shrank by about half a trillion dollars last month due to losses in the value of currencies, led by losses in the value of Bitcoin, which fell, according to Monday's prices, to 30 thousand dollars.

The American CNBC network quoted Scott Minard, chief investment officer at Guggenheim, that Bitcoin is expected to fall further, to about 8000 thousand dollars, which will deepen the losses of this market, as this is a “significant fall” in its value.

"When you get below 30,000, $8,000 is going to be the bottom line, so I think we have a lot more room for the downside, especially with the Fed being restricted," Minard told the network.

Minred refers to the Federal Reserve (the US central bank) raising interest rates and tightening monetary policy.

Bitcoin fell below $30,000 earlier this month, about 24 percent in the last 30 days alone.

Minard also predicted that most cryptocurrencies would be "junk" but that Bitcoin and Ethereum would "survive."

"Most of these coins, they're not coins, they're junk," he said.

Minard added that additional technological advances could change that and help create a system where people get used to using cryptocurrencies for transactions and are confident that they will retain their value.

Minerd's comments come after European Central Bank President Christine Lagarde said cryptocurrencies "are worth nothing".

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