Bitcoin trades downside against the greenback during Friday Asian session. The warning from the Financial adviser seems to pressure the Bitcoin.  The president of Payne Capital Management, Ryan Payne has warned that crypto is “one of the biggest bubbles ever.” Stressing that the crypto market is “becoming a bigger and bigger casino,” he predicts that the bubble will eventually burst and “It’s going to be ugly.”

Elsewhere, Berkshire Hathaway Vice Chairman Charlie Munger, who is often called Warren Buffett’s right-hand man, also commented on cryptocurrency, particularly bitcoin. He commended China for banning crypto and said he wishes crypto had never been invented.

Payne noted that bitcoin can still go higher, adding: “There’s too much money out there that can funnel into this market. It’s just becoming a bigger and bigger casino.” “At the end of the day, we’re not using it for that much more commercial use. It’s just more people speculating,” he continued, adding that “it’s very analogous to when the tech bubble burst.”

Another recent news weighs on the crypto king, The White House announced Monday, “In line with the president’s direction, the Biden-Harris administration is releasing the first-ever ‘United States Strategy on Countering Corruption.’” The 38-page report outlines the U.S. government’s strategy to fight corruption globally.

One of the key strategies is to “enhance enforcement efforts,” which includes a section on “cryptocurrency and corruption.” The report states: “DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency.”

On the other hand, Some traders use the strategy of buy the dip for bitcoin.  El Salvador has stacked 150 Bitcoin after BTC price crashed below $50k. Following the footsteps of El Salvador, the government of Zimbabwe is considering the mainstream use of Bitcoin. As reported, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the office of the president and cabinet’s e-government technology unit, confirmed that discussions with businesses are already underway.

According to Wekwete, the authorities intend to develop regulations to protect consumers against financial threats such as unregistered cross-border transfers, externalization of money and money laundering.

BTC/USD 4 Hour Chart:

Support: 46654.4 (S1), 45290.6 (S2), 43207.5 (S3).

Resistance: 50101.3 (R1), 52184.4 (R2), 53548.3 (R3).

Bitcoin trades downside due to the recent unfavorable news, additionally the US dollar strength also underpins this move. We expect a bearish trend for BTC/USD.