Cryptocurrency market loses $13B more this week. What's predicted for the future?
On June 23, cryptosphere lost a big piece of its existence. Investors lost $13 billion out of major cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS. Amidst EOS mainnet going down soon after its launch.
EOS faced the largest loss against USD among major cryptocurrencies, by dropping more 11% overnight. However, Bitcoin, Ethereum & Ripple has dropped by 5% but again gained the momentum slowly.
Past two months, Bitcoin has seen a lot of ups & downs. Talking of the ups, the optimism from the market and good developments from the regulatory side has made sure Bitcoin is not a disappointment. Coinbase, which is the largest cryptocurrency exchange in the world, has been busy building institutional cryptocurrency products, and, custodianship for investors.
“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked-up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright,” Ethereum’s co-founder, Cardano’s founder, and IOHK’s CEO Hoskinson said.
Furthermore, the optimism of the investors and the whole market has not been powerful enough to help the market perform good and help investors reap the profit. Nick Szabo, who’s a pro-Bitcoin & smart contracts developer, says that the price of Bitcoin will keep declining until it stabilizes and the uncertainties of the prime cryptocurrency are not completely eliminated.
Also, if Bitcoin rises steadily once it is stabilized, the other cryptocurrencies are expected to rise too. It’s evident, that Bitcoin price directly rules the whole cryptocurrency market.
“Volatility in Bitcoin from temporary uncertainty about its future (vs. both political opposition & crypto competitors), not from its supply limit. As these uncertainties decline its volatility will decline until it reflects more the uncertainty in fiat than its own.” Nick said.
2017 has been an amazing year for Bitcoin, it almost touched lifetime’s first $20k mark, and then Jan’18. Since Jan’18, the Prime cryptocurrency when Bitcoin was having been freefall from ~$20k mark to under $6k. That being said, a similar situation appeared in 2014, in a similar situation, i.e. the same percentage of fall but with lesser price. Both Bitcoin & Cryptocurrency market and will need to show a positive rise to retain the faith of the investors.
Furthermore, considering the two akin years of Bitcoin's existence, 2014 & 2018, the bitcoin’s price is expected to fall under the $5k mark and even less. Just where it started rising from, in 2017. As predicted by Nick, it has to get worse before it can get any better. This time, the good will be long lasting and probably a stable one.