Charlie Lee, who is the creator and the main guy behind Litecoin, is apparently aware of the bear market that is happening right now. He also predicts that the Bitcoin price would test its all-time high in 2018 and the flagship cryptocurrency is still a good buy.
In an interview with CNBC, Lee said that the drop-off in prices created an excellent investment opportunity for the long-term bulls who have cash-in-hand that they can afford to lose.
As he said:
“It’s always good to buy on the way down to dollar-cost average your buy-in. As long as you don’t spend money that you can’t afford to lose, I think that’s fine.”
Lee is a former Google and Coinbase engineer that was cautioned against using borrowed funds to invest in Bitcoin. However, he is confident that it is incredibly difficult to predict short-term price movements and that bear markets can (sometimes) last for years.
As he stated:
“It’s hard to predict prices. I’ve been in this space for seven years now. I think sometimes it comes back within six months to a year, and sometimes it takes three or four years.”
Lee also said that right now, the cryptocurrency prices reflect speculative interest and not actual consumer adoption.
“It’s all about speculation these days, but, in the future, the price will reflect the success of the currencies,” he said, adding that there has been a bit of adoption this year even with the downward price trend.
Lee is also known for selling all of his LTC back in December, citing the conflict of interest:
“I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”
The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
“In a stagnant market, the head effect (a Chinese market concept similar to the 80-20 effect) is now more evident for cryptocurrency exchanges. The top 6 exchanges have over 3 billion in trade volume each and takes up 58.9% of the total trade volume. The top 14 exchanges have over 100 million in daily trade volume and takes up 73% of the total trade volume.”As we can all conclude from the above mentioned, the rest of the two hundred (or so) cryptocurrency exchanges only have in total - less than 30% of the entire market share. Moreover, the visits to these exchanges are declining month by month, just like the bitcoin and altcoin trading activity. Bloomberg had recently reported that the leading exchange, Coinbase, has been hit hard and that its consumers trading activity has decreased by around 80% compared to last December. According to other statistics from CoinMarketCap, Binance trading volume peaked in January 2018 and has fallen 80% since then.
South Korean Exchange UpBit to Launch In Thailand And Indonesia
“Both countries appreciate the growth potential of the cryptocurrency industry. Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”Operated by Dunamu Inc. which is an affiliate of Kakao Corp. which operates the country's most popular chat app Kakaotalk, Upbit is affiliated with the US exchange Bittrex. As the news outlet shows, the exchange was also planning an expansion move overseas, quoting the CEO stating:
“From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.”The current websites confirm that Upbit will be available in Thailand and Indonesia soon. For Thailand, there will be 131 coins and 241 pairs listed - while Indonesians will benefit from 156 coins and 276 trading pairs, accordingly.
Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings. Currently, Bitcoin is trading at $6,351.
New Study Says Demand For Crypto From Millennials Is On A Rapid Rise
“Anyone that has crypto tells me they wish they bought it sooner.”Her study on millennials revealed that more than 25% of them are already using or holding digital assets. Moreover, 30% of the respondents disclosed an interest in investigating and studying cryptocurrencies with plan to invest in the near future - which makes up to 55% of millennials who already invested or are planning to invest in the emerging asset class. The study also saw that millennials do not trust banks, mainly because of the inefficient systems and outdated models that fail to address the needs of younger investors. The use of cryptocurrencies by millennials in other markets such as the US, South Korea and Japan with established exchanges, payment processors and all types of crypto-friendly platforms is expected to rise as well. For instance, the government of South Korea has recognized cryptocurrency exchanges as a legitimate financial institutions and is leading many initiatives to convince young talents to enter this market, especially the blockchain industry.
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