Bitcoin Bounce (BTC USD) Gets $ 20,000 Level in View as Next Big Test

Bitcoin withdrew after approaching $ 20,000 on Tuesday amid suspicion over the cryptocurrency’s intense rally.

The world’s largest digital asset fell for a second day on Wednesday, falling 1.2% to $ 18,820 from 7:10 am in Hong Kong. It had reached an intraday record of $ 19,914.33 in the previous session. In an interview with Bloomberg Television, Gary Cohn, former economic head of President Donald Trump, said the ticket “lacks some of the fundamental integrity of a real market” and could ultimately fail.

“Part of the integrity of a system is knowing who owns it and knowing who owns it and knowing why it is being transferred,” said Cohn, former head of Goldman Sachs Group Inc. “Bitcoin’s system today has no transparency to it. So many people question, why would you need a system that has no audit trail. ”

Bitcoin ‘Integrity’ Defaults Can Lead to Failure, Says Gary Cohn

Bloomberg’s Galaxy Crypto Index fell 2.6% on Tuesday.

Marcus Swanepoel, chief executive officer of crypto exchange in London, Luno, said Bitcoin will likely enter the $ 20,000 to $ 25,000 range before a significant sale. Then “it is likely that we would see a 20% to 30% disadvantage. This is a predictable pattern and there is no reason not to expect it. ”

Worth less than $ 1 back in 2010 when it was touted as a currency for purchases, Bitcoin has gathered bidders who argue that its tightly controlled supply and wider investor base show it has become a store of value. Critics say, however, that this year’s 160% rally is a bubble that cannot be supported by claims that digital assets should diversify portfolios and take flows of gold. On Monday, the ticket briefly surpassed its high set three years ago.