Bitcoin and Its Siblings Are Surrounded by Negative News

Bitcoin continued to trade lower amid the negative news about the cryptocurrency from South Korea and Warren Buffett.

J.P. Morgan Chase CEO back pedaled a couple of days ago.  He regretted calling Bitcoin a fraud.  It appears the CEO does not any credibility because Bitcoin would move the opposite direction based on what he was saying.  Last year, the CEO called Bitcoin a fraud, and his comment sent Bitcoin to nearly $20,000.  Since his back pedaling,  Bitcoin has not been able to stop the bleeding.

Yesterday, Buffett came out and said the cryptocurrencies would somehow end badly in the end.

South Korea’s Justice Minister said on Thursday that a bill had been prepared to ban all cryptocurrency trading on the country’s exchanges.

The near term low of Bitcoin is at around $12,600.  We shall see if that level can hold.

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