Will the bulls in the crypto markets ever run again? With bitcoin tempting $4,000 (at this writing), these have been dark days for those heavy in the crypto trade.
Here is popular thought from industry insiders exploring the how, what, why, when and more about the recent slump in the crypto markets.
How did this happen?
“There’s a small chance that it’s difficult to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market,” says Bloomberg’s Mike McGlone, citing Travis Kling in an article posted at express.co.uk. He added that the market crash may have been sparked by “the pump for the Bitcoin Cash hard fork.” Read the full article HERE.
What is going on?
Much of the popular thought about what is happening is related to the Bitcoin Cash hard fork – where BCH essentially split in two, creating a new cryptocurrency. Experts say the next week is telling.
London-based cryptocurrency broker GlobalBlock was quoted in an article on independent.co.uk with this view: “The next week is going to be important for crypto and more specifically bitcoin as some analysts feel that there is still more pain to come. However, many already in the space are still looking to [hold onto their assets] and feel that an upswing will be imminent and that sellers will exhaust themselves.” Read the full article HERE.
Why should I remain calm?
No investment is a sure thing and crypto markets have been notoriously volatile as they have found their functionality in the world. As markets continue to dip, some analysts see it as an opportunity to move in not out.
“The next logical level of support is at $5,000 but if that doesn’t hold, the next logical support level isn’t until $3,500,” eToro analyst Mati Greenspan is quoted in an article on CNBC.com. “With all the falling prices lately, this definitely fits the definition of a buyers market.”
Read the full article HERE.
When will it recover?
Prior to the big drop experienced November 19-20 (and maybe continuing through the week), bitcoin had remained pretty stable, leading industry experts to posit the crypto markets were priming for a bull run.
“This is not the first time bitcoin has seen calm waters. We’ve seen similar periods of modest volatility, and humble price swings,” Albright Investment Group founder Victor Dergunov was quoted in Newsweek, via the Independent. “Primarily, similar low volatility phenomenon have occurred in the very late stages of bitcoin bear markets [whereby prices fall as investors sell]. Everyone seemingly loses interest, volume dries up, news flow quiets down, and then, when you least expect it, the next bitcoin bull market begins [whereby prices rise as investors buy].”
Read the full article HERE.
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