Bitcoin is likely to witness a near-perfect grave as it is no longer classifiable as a stable coin. There is a dramatic drop in the price of Bitcoin. This happened a day before the Bitcoin Cash’s hard fork.
The price drip crossed all belief systems and went down to $5,500 range. And, the prediction is that the price will further drop down to $1500 level. A similar scenario was seen with Altcoins. Most of the crypto-assets were experiencing a double-digit drop in value.
The crypto meltdown caused a bloodbath in the crypto space. The whole of the market is nervous. There is a reported Bitcoin Cash Civil War that is taking place over who is the true Bitcoin. There is a cold war happening in the implementations of Bitcoin Cash, Bitcoin ABC and Bitcoin SV. The fight for the title is on.
Several analysts are throwing the blame on the mining pools switching their attention to the other entities in the fork.
Several investors are losing their sleep over thoughts that something really bad is going to happen to the Bitcoin Cash, thereby causing a ripple effect on the entire crypto market. Some are of the opinion that the bear market is going to correct itself very soon. The market is set to endure.
While there are analysts who are lowering their estimates from time to time, there are market analysts who are positive despite the shake. Regulators are calling for Howey test and registrations. Hard forks. Price is getting too low. The market is full of activities that you cannot talk against. Authorities are cracking down on exchanges. IMF is calling for governments to come up with their own digital currencies.
Well, trends of assets falling down are not new. We have witnessed large sell-offs, short rallies, buying in the dip, a whopping increase, data not representing reality, and now there is an international attempt from all countries to own up the blockchain technology for their own proprietary national currency. The idea of no central authority will soon be challenged with regulators stepping in.
Regulators require asset backup for the currency values. They are not ready to accept the idea of putting governments and middlemen away. While companies are looking for distributed ledger developers, the government is setting its foot in every Nano attempt to regulating the entire process to protect user interest and investor money.
Blockchain-based jobs are increasing. Regulators are busy drafting bills to bring in the crypto world under their control. The disappearing of the boundaries between geographical differences in nations is set to stay. Cryptocurrency will undergo a confrontational change. Will be fine-tuned by regulators.
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