The cryptocurrency markets, which have been facing mounting pressures, are expected to continue their freefall due to the complexity in the system, according to Deutsche Bank (DB).
Several cryptocurrencies were on the red on Thursday, with the global market cap falling by 1.71 percent to $889.81 billion as of 9:55am. Bitcoin was down 0.85 percent to $19,982.20 over the last 24 hours, while Ethereum fell 3.94 percent to $1,089.12.
In a report on Wednesday, DB said that it is unlikely for prices to stabilise, citing that there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added.
The bank said that bitcoin could touch $28,000 by the end of the year, which is way below the all-time high of more than $68,000 last November.
(Writing by Cleofe Maceda; editing by Seban Scaria)