The research department of leading exchange BitMEX posted a video reflecting their new “cryptocurrency pricing model” — a novel depiction of an investor’s rollercoaster ride.
With a daily trade volume of nearly $1.5 billion, the Seychelles-registered outfit is the largest Bitcoin-to-USD exchange in the world.
Posted on the Twitter feed of BitMEX Research, the 24-second clip displays a Lego roller coaster with a sign reading “HODL” overarching the track, just prior to the plunge. Invariably a nudge towards to the research body’s “price projections for 2019”, the passengers (presumably investors) rise again after the descent.
BitMEX Research constructs a new cryptocurrency pricing model. It includes price projections for 2019.
Available exclusively on the BitMEX Research desk.https://t.co/FwnEliZIGH
— BitMEX Research (@BitMEXResearch) July 16, 2018
Previously, the outfit reported that Bitcoin’s price may be correlated with traditional assets — and not, in fact, immune to turmoil in markets such as the S&P 500 stock market index. In conclusion, BitMEX’s March 2018 ‘Bitcoin Price Correlation’ report states:
“It appears that Bitcoin has been a reasonably non-correlated asset class throughout its history. During the recent rally to a valuation of hundreds of billions of dollars, however, correlations — and, crucially, correlations to risk-on assets — started to increase.”
All questions of sentiment aside, the jaunt appears to have been met largely in good heart by investors. Facing a correction of nearly 79% from Litecoin’s January 2018 all-time-high, the coin’s creator Charlie Lee tweeted in response:
One of the most well researched and accurate price prediction of Bitcoin and Litecoin. Kudos! 👏 https://t.co/YC8mVKQAdu
— Charlie Lee [LTC⚡] (@SatoshiLite) July 16, 2018
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Author: Jonnie Emsley