Adena Friedman, CEO of Nasdaq flooded the crypto news media outlets today after saying that cryptocurrencies could still potentially be a global currency and it is expected for 2019 to be a year of innovation and disruption.
She believes that the crypto space has gone through the first cycle of classic infection by saying:
“Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.”
It’s important to notice that more than $400 billion has been wiped out off the market cap of all cryptocurrencies and the price of Bitcoin even dropped from its all-time high to as low as $3,200. Though early investors made profits, those who joined the market later are sure feeling the worse side now.
Friedman continued to explain that there are two things that will likely happen next:
“The innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric.”
“The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited.”
Speaking about Nasdaq, Friedman said that it is very difficult to ignore the money that come pouring in from investors to digital currencies and that this is basically an invention investment that ‘’deserves an opportunity to find a sustainable future in our economy.’’ She also said that the crypto space depends on governance and regulation clarity.
Nasdaq is all about gaining the investors’ trust in cryptocurrency by constantly improving and working on upgrading technology and integrity. For example, the Gemini exchange uses software made from Nasdaq.
Chris Burniske, a venture capitalist, also believes that cryptocurrencies are going to what is known as a normal phase of development and that crypto is still in the installation phase.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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