A new research emerged online and according to it, the price of Bitcoin could potentially reach above $90.000 in the next five to six years. According to the report, other cryptocurrencies as well are expected to reach higher prices, for example, Monero could reach a stunning $18.000.
Bitcoin Cash, on the other hand, is expected to slump right after it makes an attempt to inherit broad recognition and will provide a minimal technological advantage. Ethereum’s platform network could potentially lose nearly half share in 5-10 years time. However, there is a strong community behind eth and the move to proof-of-stake consensus can show the low switching costs built on top of it. Also, the value of crypto assets that are needed to support the global economy will likely increase to about $500 billion next year and even reach $3.5 trillion in ten years time.
The fundamental value that will support the crypto economy will eventually come from a store of value use cases. The vast majority of the crypto asset market cap is currently held in traditional store of value markets. The cryptocurrency market cap, thanks to the new gains, added new $12 billion. Right now, it is safe to say that while the major cryptocurrencies have been volatile in the past months, they have not fallen below their support levels. From this, we can also say that cryptocurrencies are starting to recover from the downward trend.
Many analysts are seeing Bitcoin falling to $5,000, $4,000 and even as low as $3,000 before another mid-term rally occurs. However, they also believe that the resistance levels for BTC are right now set to $10,000 to $15,000 by the end of December, which gives many investors additional confidence about buying BTC at its lowest price.
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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.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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