Wall Street Analyst, Nick Colas has advised the traders not to enter crypto market in the recent scenarios. Nick is an experienced analyst and has covered crypto market extensively, especially Bitcoin. He expressed his opinion on an interview with CNBC.
Nick has surprised the traders by warning against crypto trading while we are hearing all the good news from all around. His views carry weight because of his reputation and 14 years of experience as authoring Popular Morning Markets Briefing. He disagreed to the popular observation that crypto market will see an uptrend just because it saw a bad time in the early phase of the year.
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Here is Why the Wall Street Analyst Advises So
As we can see that the traders are confused about the right trading time. The problem is the highly volatile natures of digital currencies which has the potential to make you billionare in one swing and vice versa. Traders have become cautious about trading virtual currencies. Nick says that the itme is not right for making investment in crypto market for two reasons.
Wall Street Analyst Advises Not to Do Crypto Trading for Now
“The first is we’re not seeing a lot of incremental engagement from people interested in buying Bitcoin for the first time, and like any new technology you need new adopters to come in to make it more valuable. And in terms of Google searches, they are way down from the peaks back in December and January by 85 to 90 percent”
Nick Colas was Discouraged by Google Search Results
Nick found out that the number of Bitcoin wallet openings have been reduced to 2.2 percent from 7 percent during 2017. He says that traders opened wallet accounts at a percentage of 5-7 in the whole last year.
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Did Nick Colas Call the Bitcoin a Bubble Again?
CNBC asked him if he agrees to the idea of bitcoin bubble. . He said it seems to be a bubble with highly volatile price moves. He further says as follows:
Certainly in retrospect it was absolutely a bubble based around the futures launch in December. I have covered Bitcoin since 213, fundamentally believe in the structure of the technology and the story, but it obviously has huge price volatility around it. And we have seen that even in the past month with the market rallying as much as it has