Poisonous CNBC host: Selling a house and selling a car to buy Litecoin!

The cryptocurrency fanaticism has once again swept the mainstream financial world. CNBC's Fast Money column yesterday analyzed the parabolic gains in Bitcoin and Litecoin in recent months.


When it comes to the price of Litecoin has risen by 400% since December last year, the host of the show shouted:

"Selling a house, selling a car, selling a child, buying a Litecoin!"

After hitting a low of $22.93 in December last year, the Litecoin rebounded to $118.15 in May this year. The rapid growth of Litecoin's 416% even dwarfs the recovery of Bitcoin.

There are many factors that cause its price to rise rapidly. Its chain performance has been strengthened; the number of Litecoin addresses has grown rapidly in 2019; some celebrity endorsements have increased the visibility of the currency.

Despite the skyrocketing currency, Franklyn Richards, director of the Litecoin Foundation, reminded investors not to be too excited. He said that if the price continues to be out of touch with the underlying activities, the Litecoin has the risk of entering the bubble phase.

“So far, the price has deviated far from all the chain indicators, which means that although the price increase is positive, it seems to be unsustainable at present, we may see a fall. We may be entering the bubble stage, We expect it to be early."

In the same show, they also discussed the latest developments in Bitcoin. One of the guests admitted that although he is not an expert in Bitcoin, if he looks at the chart, he will say that Bitcoin may break through the highs at any time.

"I am not suitable for commenting on Bitcoin, but I would like to say, look at the chart, you will think that this 'stock' has broken the key resistance of the upside and will continue to rise."

There is a rumor circulating in cryptocurrency enthusiasts, and CNBC's coverage of Bitcoin is a strong sell indicator. When the mainstream media began to advocate cryptocurrencies, it was time to leave! Many Twitter users think that:

"Whatever CNBC discusses, it must be done in the opposite direction."


So netizen Bryson Shiller commented on CNBC's Twitter:

"Short the Litecoin."