Ignore Today’s Bitcoin Market, The Best Is Yet To Come
Aug 17, 2018
It’s hard to view the markets with any optimism at the moment. Hardly surprising after months of constant declines, either way, we can’t let pessimism get the better of us. The markets will recover from this, it’s just a matter of time.
Please note that this isn’t investment advice, this is just an optimistic outlook designed to help us see things in a brighter light, therefore don’t base investment decisions on this, rather use it to inform your wider and more extensive research.
What we have seen through 2018 is heavy correction as a result of the huge growth seen during the 2017 cryptocurrency boom. Of course, during this time we have seen peaks and troughs but these are mostly down to the organic volatile nature of cryptocurrency. Some external influences such as Bitcoin ETFs and Mt Gox coin dumps have also had a huge impact, overall though, the general consensus is that current prices are not as a result of crypto failure, rather, the markets are just looking to find a balance, once this has maintained people will buy again and prices will rocket.
According to NBC News, Nick Colas the co-founder of DataTrek research has said the past few months of volatility should come as no surprise:
“The issue with Bitcoin is the price is driven 100 percent by market psychology It is still a new technology and in the early days of adoption, so there isn’t a lot aside from public confidence to underpin its value.”
Although, Colas does believe that the drama around the US Securities and Exchange Commission is causing some problems within the markets that in turn have amplified things a little:
“Colas said Bitcoin’s recent decline is due to speculation over whether the Securities & Exchange Commission would allow a Bitcoin exchange-traded fund, which would allow investors to track the price of Bitcoin without having to own the cryptocurrency. Such a tool could make Bitcoin investment available to the masses.”
“The rhythm of this security is, rumors circulate, there are new financial tools coming to trade it, and then there isn’t, then it goes down. Last year, the futures exchange in Chicago made Bitcoin contracts and when no one wanted to trade, air came out of the bubble.”
See more for yourself, here.
All things considered, there is change on the horizon. The SEC decisions will have an impact but even if they don’t go favourably, the markets will recover. Cryptocurrency investment is about time, there are few short wins here, and to be honest, most of the time is dipped in disappointment. Eventually though, rewards will be reaped, we just don’t know when these will crop up. Just know that eventually, they will.
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