- UBS Group says that Bitcoin is a bubble
- The BTC mining ban in China affects the crypto world badly
The UBS Group, a Swiss financial giant, has warned its investors about the unstable market of cryptocurrencies. Furthermore, the UBS Group says that Bitcoin is like a bubble that could pop up anytime. This advice made by the financial firm is due to wild market swings that the crypto world has performed lately.
The UBS firm explained:
“We’ve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets.”
UBS added that the attack made by the Chinese government against cryptocurrency and Bitcoin miners hurt the crypto market badly. “Regulators have demonstrated they can and will crackdown on crypto. So we suggest investors stay clear, and build their portfolio around less risky assets,” the firm said.
Furthermore, the Chinese authorities remain strict against cryptocurrencies in the country, especially in mining BTC. For this reason, the crypto market continues to experience a decline rate. For instance, the price of BTC keeps circling around the support level of $29k and the resistance level of $39K.
Aside from China, the country of Iran also shuts down numerous crypto miners in the country. This movement made by the authority of Iran was created to avoid nationwide power failures. Specifically, power failure is a big issue in Iran, especially at the peak of the summer season, where heat is a serious matter.
In other news, countries around the world are now putting more pressure on Binance. Specifically, the UK government shuts down Binance activities in their country. As per the UK authorities, Binance holds no authorization, registration or license to conduct activities in the UK.
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