While critics and advocates of bitcoin argue about the lows of this currency and when the bottom will be hit the train of cryptocurrency moves on. The market situation is described in our daily column.
The cryptocurrency market proceeds with its slow and uninterrupted decline and by now has lowered to $245 billion. Most of the cryptocurrencies are suffering little loss or are even growing a bit but not much of them have granted themselves capturing new price levels.
Bitcoin (BTC) has lost about 40% within the last seven weeks and now is revolving within $6000-$6200 levels and by the end of day a downward trend started to show. Many are predicting the $6000 level breakage but at the moment the market is resisting this scenario.
Speaking of predictions, Claire Wells, legal and business affairs director of Circle startup is sure that the growth of the bitcoin price in the months to come is inevitable.
«I think the price will increase again in the next few months and I think a lot of people are waiting to hear how regulation is thinking about it. I wouldn’t necessarily want to put a price tag on a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable,» she said. We should note that the Circle cryptocurrency startup has reported the growing number of institutional investors they attracted: 30% rise in May against April. Also the startup disclosed plans of registering with SEC.
Whereas Forbes author and AdvFn site CEO Clem Chambers is sure that the price of the first cryptocurrency will hit new minimums. This conclusion can be driven from the 2014 graph (assuming that the bitcoin history goes in cycles) and decrease of the altcoin miners reward.
«Bitcoin is on the ledge of another heavy fall. I am expecting this summer to bring the price down,» he supposes.
Meanwhile co-founder of Apple Steve Wozniak has turned everything upside down. Usually bitcoin sceptics are saying that bitcoin is a bubble though blockchain is a promising technology. But at the NEX conference Wozniak said that the blockchain technology is a bubble similar to dotcom whereas bitcoin is amazing.
Having mentioned about sceptics, Jordan Belfort, the legendary Wolf of Wall Street made a new statement against bitcoin. He called it an empty shell and stated that the current price level isn’t even close to the bottom. Also he says that the optimistic price predictions are only traps to «suck in new fools».
Ethereum (ETH) at the asian session made an attempt to rise to the $445 support level but had to slide back to the $430-440 corridor. Nevertheless one should note tha the RSI oscillator is showing that this token is oversold for quite a long period of time and that could indicate the trend reversal in the nearest future. But it is early to speak of the bull’s victory for the price should take root higher than $537 and this is a rather way to go.
No significant changes can be seen to TRON (TRX) and Cardano (ADA) prices, but there is a certain warming in the relations between two seemingly rivaling blockchain-companies. A couple of days ago the project leaders exchanged tweets. June 25 Charles Hoskinson (Cardano) addressed Justin Sun (Tron) giving an unusual recommendation - to use the Mantis client instead of Ethereum Java. Hoskinson mentioned such advantages if their application as better code, security and consensus compatible with DPoS-like protocol.
The prospect of such cooperation cheered up the crypto community that is watching both projects.
Thanks for the advice! We're looking to build the best blockchain technology so we'll look at mantis too.— Justin Sun (@justinsuntron) June 27, 2018
As for regulatory news, Hong Kong Securities and Futures Commission (SFC) stated that will watch the cryptocurrency market and all sorts of ICO closely. The authority notes that it will get involved if needed.
Meanwhile Yoshitaka Kitao, SEO of SBI Group stated that cryptocurrencies and blockchain technology will lead to a new economic boom in Japan in the nearest years.
«We want to take blockchain beyond financial. There is a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses»
Coinbase UK head Zeeshan Feroz told that in the next weeks the cryptocurrency exchange will launch UK Pound (GBR) support. At the moment in order to carry out payments the exchange uses the Estonian LHV bank, the currency being only euro. British clients had to convert their money via transfers or mobile apps. As early as March Coinbase partnered with Barclays bank that offered GBP payments and Faster Payments Service to the exchange. At the moment GBP makes only 6% bitcoin transactions whereas the british crypto market is the largest in Europe. Also Feroz told that Coinbase is planning on ERC-20 token support.
Meanwhile Binance, the largest cryptocurrency exchange plans on launching a crypto-fiat exchange service in Uganda. Changpeng Zhao, CEO and Founder of the exchange told about it in an exclusive interview to Cointelegraph. Binance Uganda will become the first fiat exchange service of Binance. Apart from cryptocurrencies it will support the local shilling. Given that only 11% of Uganda’s population have got bank accounts this move to the african market can be considered rather a challenge.
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