The current bear market will continue to evolve in 2019 according to Chinese analyst which is a huge contradiction of the bullish predictions that popular crypto analysts made such as Mike Novogratz and in the latest bitcoin news we will read why.
According to the Beijing News:
“In 2018, bitcoin became an investment black hole. Entering 2019, bitcoin prices are still showing signs of decline, and there is no obvious rebound.’’
Xiao Lei who is a currency policy analyst says that after the meteoric increase in prices in the winter of 2017, massive growths such as that one are unsustainable and the market will eventually tumble if that happens.
Another crypto analyst Huang Liang says that the crypto market is a ‘’zero-sum game’’:
‘’The cryptocurrency market is currently a transaction-driven zero-sum game. The money you earn can only come from the money in someone else’s pocket. You need to have more noobs enter the market and buy it at a higher price. The surge in 2017 was due to the fact that many newcomers entered the market because they were wooed by the new concepts of “blockchain,” “smart contract,” and “ICO,” — pushing prices up.’’
Sun Hang, on the other hand, senior analyst at the TokenClub Institute says he thinks that the crypto market will unlikely rebound anytime soon since the supply and demand are off-balance.
The entire Chinese government, on the other hand, is clearly anti-crypto and has shut down multiple crypto exchanges however the bans were unsuccessful.
Unlike Chinese analysts, American investors insist that the price of bitcoin will skyrocket in the following three years but other cryptocurrencies will die off because of the strong competition.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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