BITCOIN’S falling prices continue to astound traders as the cryptocurrency plummets from its previous sky high prices. Will Bitcoin keep falling and has the bubble burst?
Bitcoin fell to a new low against the dollar this weekend, fuelling sentiment the currency is doomed to fail.
Current estimations say bitcoin and other currencies will continue to slip until mainstream banking money arrives.
Priced at $6,249 this morning, bitcoin managed to survive the weekend without any more major losses.
The cryptocurrency is, at the time of writing at 2.30pm, in the green - up 0.82percent - but this comes after major losses wiped out previously made gains.
Despite disenchantment with bitcoin, it is not expected to stay down for too long with experts citing general volatile behaviour as a common occurrence.
Expert traders seem positive the slip up will just be temporary, with another upward shift around the corner.
Daniel Wolfe, CEO of the blockchain-based marketplace of trading algorithms Tradingene told Express.co.uk that "extreme volatility" has been a longstanding characteristic of bitcoin.
However, Forbes contributor and macroeconomics expert Peter Tchir claims bitcoin could be facing a difficult road ahead.
While he conceded the currency is a useful means of concealing wealth from the government, he also believes the price will “continue to erode”.
Cryptocurrency could have a long way to go if Tchir is correct, he says.
Techie added: “I think Bitcoin in particular needs to assert its value proposition.
“What it is worth over time, is a function of what value it provides its users and owners, and I for one, am struggling to see the benefits of re-entering the market.”
He goes on to state that newer cryptocurrencies are the key in the future with a lot of potential for digital currency.
As ever, the value of bitcoin is entirely reliant on the market interest surrounding it and major announcements support future growth.
Reports from cryptocurrency site Cointelegraph state that Ukraine will not be planning to regulate crypto mining.
With a strong development in cryptocurrency, the lack of regulation in Ukraine could encourage a free market that reinstalls confidence.
Further news the country is considering making cryptocurrencies legal point towards a reliable market in Ukraine that could help bitcoin grow.
Interest has already shown signs of increasing as Dutch banking giant ING released their most recent economic trading report.
Their findings showed that one in 10 Europeans owned cryptocurrencies - and more people are forecast to own them in future.
The survey shows a shifting attitude towards bitcoin that could see a healthy interest develop.
Despite the obvious volatility of the coin, 15 percent of surveyed respondents said they would consider a cryptocurrency-based salary.
Good article! I found it interesting.
Talking about ICOs, after doing your own research, also finding good ICO projects can be profitable.
I want to share with you guys a new exciting project I have just discovered: RAWG.
Look at this article where the team explains:
“Why the games market needs RAWG”
https://medium.com/rawg/wp-bits-1-why-the-games-market-needs-rawg-ccf039c0bae7
The ICO will start in a short period and they are at the moment in pre-ICO phase. This is the site: https://token.rawg.io/. It's a video game discovery platform that converts your skills into goods and services (the site is already working, with more than 57,000 games in the database).
Have a look and get some information while doing your own research!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks Numax
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @j0z3y45! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit