Whales are buying loads of ethereum, and the governor of the Bank of England warns against buying BTC

The new governor of the Bank of England: if you buy bitcoin, be prepared to lose all the money

Andrew Bailey, who assumes the position of the governor of the Bank of England, said that Bitcoin has no intrinsic value, and investing in it will result in a loss of funds.

“If you want to buy Bitcoin, be prepared to lose all your money. If you want to buy it — buy it, but understand what’s you’ve got. It has no intrinsic value,” Bailey said.

This is not his first statement about cryptocurrency. In 2017, the advised against investing in BTC, calling it “volatile” and “an odd commodity in terms of its pricing”.

Tether Gold becomes the most expensive digital gold

The Tether Gold token reached a capitalization of $21 million, becoming the largest cryptocurrency analogue of gold. Paolo Ardoino, Tether CTO, noted that the asset has surpassed its nearest rival PAX Gold in terms of capitalization and in the future he expects its market cap to reach at least $100 million.

“Tether Gold has had a really great start. But I believe that this is nothing in comparison to the potential of this new asset, especially in the context of increased investor interest in risk diversification and capital safety against political uncertainty,” Ardoino tweeted.

The company launched Tether Gold (XAUT) in January this year. The token represents “ownership of one troy fine ounce of physical gold” and is secured by real precious metals stored in a Swiss bank.

Whales buy loads of Ethereum during price drawdown

The top 100 holders of Ethereum are accumulating the coin while the cryptocurrency’s price exchange rate is dropping.

Over the past two weeks, the price of the asset dropped by 25%: from $276 to $216. It was at this time that the largest Ethereum holders started buying up large amounts of the coin, Santiment reports.

“Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it’s a great mid to long-term hold play.

Sometimes these price rises take a bit of time after these accumulation rises, but it is generally a good sign for Ethereum bulls,” is a comment given by Santiment experts.

At the moment, Ethereum is trading at $236, which is 84% lower than the historical maximum of $1,262 set in January 2018.

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