Ever since mid-May, the cryptocurrency industry has been experiencing a downtrend. So far, nothing seems to be going in the favor of cryptocurrencies as their prices are constantly going down. Many individual and mainstream institutional investors have started losing their cool about the current situation.
The cryptocurrency industry has been losing many investors just because it is not able to make a comeback. Now the situation is taking the worst turn and there are uncertainties among the investors in terms of crypto-industry ever making a comeback.
This is when the pundits from Alameda and Galaxy Digital have come up to save the day. Their predictions are something that would be able to rejuvenate the confidence and trust people have started losing in cryptocurrencies.
As per the senior trades from both firms, Alameda Research and Galaxy Digital, the cryptocurrency industry is not going to remain in the same bad spot. Instead, the cryptocurrency industry is soon going to make a comeback.
However, the only obstacle that cryptocurrencies are facing in terms of growth, is the bad stories that are covering the entire sector. This is the reason why the majority of the investors are hesitant and reluctant to invest in cryptocurrencies at the moment.
Among the rest of the cryptocurrencies, Bitcoin (BTC) is always the center of attention for all investors. This is the reason why the crypto-verse seems to revolve around Bitcoin (BTC) and if it drops in price, the entire crypto-verse comes crashing.
Ever since mid-April, Bitcoin (BTC) hasn’t been able to do much in terms of making a comeback. Instead, Bitcoin (BTC) has ended up losing a lot of its price and it even fell below the $30k per BTC figure in the past few days.
Although, Bitcoin (BTC) did manage to regain its $30k plus figure, still, it is not much to gain the trust of investors.
According to the Trading co-head at Galaxy Digital, Jason Urban, there is currently a lot of fear, uncertainty, and doubt (FUD) in the crypto-verse. When it comes to Bitcoin (BTC) the FUD factor is on an entirely different level.
The Bitcoin (BTC) market is all set to make a comeback but the only factor that is becoming an obstacle is indeed FUD. Once this factor is out of the way, the investments in Bitcoin (BTC) will start flowing in. As per Urban’s prediction, once Bitcoin (BTC) makes a comeback, which is eventually going to happen, Bitcoin (BTC) will hit the $70k per BTC mark by the end of the year.
Alameda Research’s Sam Trabucco has also supported Urban’s statement. He has also stated that the major factor currently keeping Bitcoin (BTC) from hitting an all-time high is the FUD. Once the FUD dissipates, Bitcoin (BTC) will re-emerge.