This week may have been a slow week for the markets, however as always, the crypto news has been rife. We want to go back over a number of this week’s headlines with you for two reasons. Firstly, we want to offer you a chance to re-cap, with so much news constantly flowing, we’ll admit it’s very hard to keep up.
Secondly though, yesterday’s news can help us to decide what might happen next – by reviewing the news of this week, we can all become better investors and can all learn to make more accurate predictions, helping us to manage our portfolios more efficiently.
This week has seen a number of troughs in the value of the markets. It seems that a bearish regression has really hit Bitcoin hard this week, dragging its value right down, moving ever closer to the $6,000.00 threshold that most investors wish Bitcoin would run away from. According to some reports, much of this fall was helped along by the theory that Bitcoin is creeping closer to becoming a stable coin (not in the tethered sense, more in the sense that it has held a consistent price for a very long time now).
“Prominent faces in the industry quickly commented to underscore Bitcoin’s new quasi-stablecoin status. A senior market analyst at eToro, Mati Greenspan jested last week saying: Hey stock jocks!!! Tell me again how Bitcoin isn’t a stable store of wealth due to extreme volatility.”
This ‘stability’ hasn’t just affected Bitcoin, as of Tuesday:
“Similar patterns were seen by Ethereum too with a negative momentum, slowly dropping down 3% on the day to trade to around $197 at the time of writing. Over the past week, the second biggest coin in the market has also been trading sideways, showing only marginally more fluctuation than Bitcoin over a similar time frame.”
When we are forced to sit within bear markets, experts and investors start to speculate about future prices. Indeed, nobody expects this bear market to last, and we do know that one day, Bitcoin will find value again, so, I suppose there’s no harm in speculating about future prices at the moment – though remember this is just speculation, there is no guarantee that Bitcoin will fly.
Tim Draper, the famed venture capitalist has recently spoken at the ‘Crypto Invest Summit’ during which he said Bitcoin could reach a price at around $250,000.00 by 2022.
Draper believes this, because:
“Right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just a better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five cryptocurrencies. I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting because the accounting is already done.”
Now don’t get ahead of yourselves, $250,000.00 is a huge increase from the $6,000.00 – $7,000.00 range that Bitcoin currently resides in, but I suppose as they say – never say never.
For those who don’t invest in Bitcoin, or shy away from Bitcoin news, well don’t panic, because this week has marked some positive progression for Cardano ADA and IOTA MIOTA too.
This week, reports have found a huge level of interest from institutional corporations into the IOTA blockchain and IOTA’s technologies. Whilst it’s not huge news for MIOTA adoption, it is very big news for the overall IOTA project. Over 600 firms in total have expressed an interest in IOTA in the past year alone:
“Demand for the IOTA program is increasing as it seems eager to empower an international community to create a shared economy. David Sonstebo, the founder of the IOTA Foundation thinks that corporations need more programming individuals. The firm’s focus is on exploring the ecosystem, developing documentation and the data marketplace as it aims to redefine trust, ownership and value. The founder believes that once everything’s is figured out and polished over, the adoption rate of IOTA would increase on a scale that was never seen in its history. He believes that this is the same practice that many projects scale on a worldwide level. The open source blockchain technology that is IOTA and its core invention of Tangle is blockless and suggests that it could go beyond the distributed ledger technology.”
ADA has seen a huge boost this week, though sadly it’s current price doesn’t reflect it. Okay, so no major upgrades have taken place within the Cardano network, however, cryptocurrency storage provider Trezor have announced that they are now almost ready to start allowing for the storage of Cardano’s ADA within the Trezor hardware wallet:
“It has been recently announced by IOHK that Trezor is currently undergoing its final preparations to support Cardano. The globally known hardware wallet, Trezor facilitate digital currencies to be stored and they are popular for being able to store the key to the wallet safely. The firm is a big manufacturer of hardware wallets and a big boost for security for the foundations native token is surely going to please a lot of people who have invested in it. This announcement has come from Charles Hoskinson, who is the founder of Cardano, through his official Twitter account which suggests that this could be the case before next month.”
This is exciting news for ADA investors, who now have access to an ultra secure storage solution for their ADA tokens. As you should know, hard, offline, cold storage solutions are almost hack-proof, therefore within this announcement, ADA has seen a huge security boost, for those investors that do choose to use cold storage solutions anyway.
Whilst the markets have been slow this week, the news has been fast. Make sure you keep up with the latest headlines at www.cryptodaily.co.uk and check back next week from more videos from yours truly!