Bitcoin price analysis: BTC/USD trades below $6,700 as old-school economists continue their assault on digital money

  • BTC/USD is rangebound with a bearish bias.
  • Stiglitz, Roubini, and Rogoff go on criticizing digital assets.

Bitcoin is changing hands at $6,653 with little changes since the start of the day. Positive momentum of the weekend is weakening, but the price stays above $6,600, which is 50-SMA on the 4-hour chart. The upside is capped by $6,900 and psychological $7,000.

The world of traditional finances refuses to accept the new digital reality. Three respected and influential economists - Stiglitz, Roubini, and Rogoff - have claimed that Bitcoin and another digital will experience sharp and painful fall because governments all over the world would tighten their stance towards money laundering and tax evasion.

"You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system. If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that,” Stiglitz told on Monday. 

Meanwhile, the cryptocurrency community accuses the economists of ignorance and lack of understanding of what is Bitcoin and how it works.

BTC/USD, 4-hour chart 


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