Blockchain CEO: Cryptocurrency Prices will Slowly Recover Towards Year-End

2018-9-19 21:30

Cryptocurrency prices have been hovering near their year-to-date lows as of late, with Bitcoin dominance near its yearly high and many altcoins down 80% or more. Although investors are losing confidence in the markets and things look bleak, one person familiar with the space believes that prices will begin to climb towards the end of 2018.

Josh Fraser, the CEO and co-founder of open-source blockchain platform, Origin, made his prediction in a recent statement to MarketWatch, expressing that the current growth taking place in the technology sector and the increased adoption and utility of cryptocurrencies and blockchain will lead the markets higher towards the end of 2018.

In an email to MarketWatch, Fraser said:

“We’re seeing a shift towards development in the blockchain and crypto space, which is extremely important because some of the key pain points in the space are usability and pricing. People who have written off crypto as a result will only be drawn back in when they see real utility, versus speculation. This will help stabilize prices and is why building usable systems is critical.”

Cryptocurrency Adoption Increasing Like Never Before

Although the crypto markets are currently in a persisting bear market, the developments taking place behind the scenes are incredibly positive, with widespread adoption looking more likely than it ever has.

Upcoming cryptocurrency exchange Bakkt is one positive development for the cryptocurrency markets, as it is one of the first major signs of corporate interest in cryptocurrencies. The exchange is backed by NYSE parent company ICE, and already has corporate partnerships with major corporations, including Starbucks and Microsoft. If the platform in approved by the U.S. Commodity Futures Trading Commission (CFTC), the platform could launch later this year.

In addition to corporate interest, institutional interest in cryptocurrencies is ballooning, and the current prices aren’t reflecting this, leading many investors to see now as a great time to invest. In addition to the U.S. Securities and Exchange Commission’s (SEC) pending review of the CBOE VanEck/SolidX Bitcoin ETF, major financial institutions including Citigroup and Morgan Stanley, are launching unprecedented Bitcoin products that signal a renewed interest in crypto by Wall Street.

While speaking about increasing Bitcoin adoption, Alistair Milne, the chief information officer at Altana Digital Currency Fund, spoke about the importance of institutional interest in the markets, saying that:

“Goldman, Citibank, ICE. Now Morgan Stanley. All launching Bitcoin products and services because there’s no institutional demand. Institutional money took the hedge fund industry from $300 billion to $6 trillion.”

Current Cryptocurrency Prices Don’t Reflect Increasing Institutional Interest  

When looking at the sheer amount of institutional and corporate interest in the cryptocurrency markets, it is surprising that the market sentiment is as low as it is.

At the time of writing, the market has posted some slight recoveries across the board, led by XRP, which surged 20% in a 24-hour trading period to its current price of $0.325. Bitcoin was trading flat, only up 1% to $6,360, while some altcoins, including Bitcoin Cash, EOS, and Stellar, were trading up 5%.

The next big move in the markets will be tied to the SEC’s ruling on the CBOE Bitcoin ETF, which will sling cryptocurrency prices up or down depending on if the application is approved, denied, or delayed. This decision is scheduled for September 30th.

Featured image from Shutterstock.

The post Blockchain CEO: Cryptocurrency Prices will Slowly Recover Towards Year-End appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0014105 (-100%)

prices towards cryptocurrency blockchain near year-end slowly

prices towards → Результатов: 28


Bitcoin [BTC] Recovery Continues As Price Briefly Touches $6600

The Bitcoin price rose all the way up to trade above $6600 briefly. We noted in yesterdays technical analysis article that a lot of signs were pointing towards the bullish movement. Yesterday’s candle had a long upper wick showing that it wasn’t yet prepared to trade at the higher prices, but we see a small follow […] Bitcoin [BTC] Recovery Continues As Price Briefly Touches $6600 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-16 16:34


Bitcoin Drags Further Below $6,500; Are Investors Just Overreacting ?

On Wednesday bitcoin prices were averaging at $6,500 for the better half of the day but towards the evening, it proved that it couldn’t hold up as it dragged further below to reach around $6,200. The good news- if they can be called so- is that the rest of the market has held up and […] The post Bitcoin Drags Further Below $6,500; Are Investors Just Overreacting ? appeared first on ZyCrypto.

2018-8-9 12:20


Фото:

Market Update – BTC And ETH Crashing, XRP Finding Balance

Last weeks optimism has well and truly vanished. We start August on a very negative note. The markets are down, values are falling and overall, everything is a little bit disappointing. After almost two weeks of positive movements, we finally saw, for the first time in a number of months, various cryptocurrencies moving back up towards their April highs, back on the road to recovery.

2018-8-1 12:30