Popular venture capitalist Fred Wilson believes that 2019 will be a year in which investors should be more cautious since the crypto markets won’t be a ‘’safe haven’’. We find out more about his prediction in our altcoin news of today.
Wilson believes that the US could see a replacement in the next presidential election which will affect the entire economy and the capital markets but:
“There will be signs of life in crypto land in 2019.”
According to him, the US equity capital markets are on shaky ground. The markets are experiencing higher rates which are showing that the economy could be weaker in 2019. He also expects the S&P 500 to drop massively and for the interest rate hikes to be transferred to the consumer and business lending:
“When it gets more expensive to borrow, marginal projects don’t get funded. And what happens at the margin has a much larger impact on the economy than most people understand.”
On the other hand with Brexit happening, the European businesses will also be on the defensive line and the trading tensions between China and the US will still remain a question mark.
Wilson expects that 2019 will still be a ‘’solid year’’ for the tech companies and for all the startups because we are striving for an ‘’information economy rather than an industrial one.’’
“I think we are in the process of finding the bottom on the large, liquid, and lasting crypto-tokens. But I think that process could take much of 2019 to play out.”
According to him, in order for the crypto market to succeed there should be many new projects that will be delivered in 2019 including the projects from his own portfolio such as Filecoin, Protocol Labs and Algorand Project. He did, however, point out that the crypto is still not a ‘’safe haven from the stock market downturn.’’
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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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