Institutional Outlook on Altcoins Explained by Blockfi Executives 0 33

The year 2021 has seen the best start for the cryptocurrency industry as it hit the $1 trillion benchmark in the first five days of the running month. Right from the beginning of the year 2021, the cryptocurrency industry has been experiencing all-time highs.

When it comes to market capitalization, Bitcoin (BTC) is the largest cryptocurrency in the entire industry. Ever since the beginning of the year 2020, Bitcoin (BTC) had started building up on its market capitalization and price.

Towards the end of the year, Bitcoin (BTC) managed to hit all-time highs and shot through the $20k per BTC mark. While many thought that Bitcoin (BTC) was going to plunge after hitting its all-time high for the year 2020, it managed to prove everyone wrong.

Even in the year 2021, Bitcoin (BTC) kept at its bullish trend and went all the way up to $41k before plunging down to $30k per BTC in a matter of 48 hours. Since then, Bitcoin (BTC) has been having a hard time remaining stable at a value. At the moment, Bitcoin (BTC) is struggling to stay above the $30k per BTC market.

While Bitcoin (BTC) has started showing a bearish nature and is currently struggling, altcoins have started gaining a lot of price surges. Cryptocurrencies such as Ethereum (ETH), Litcoin (LTC), Metacoin (MTC), and many more are experiencing their all-time highs.

However, many analysts and experts are still in doubt about the overall performance of the cryptocurrency industry. They are still confused as to what the future holds for the industry and exactly what to expect from it.

Recently, the Vice President of Blockfi for Asia and Europe shared his views on the liquidity of the cryptocurrency assets. The vice-president, David Olsson stated that although the cryptocurrency industry is showing a bullish nature, but the concern is that how long it will manage to maintain it.

Olsson shared his views and thoughts around the cryptocurrencies during the CfC Moritz Conference that took place on January 20, 2021.

While sharing his views, the vice president talked about the performance of Chainlink (LINK) that has emerged in the recent year. Olsson stated that LINK has showed a lot of potential and growth in the recent year and is also experiencing a high transaction volume.

However, there have been many cryptocurrencies that have managed to emerge at one moment and vanished in the second.

He stated that although the cryptocurrency industry has crossed the $1 trillion mark, still it has a long way to go for mainstream adoption. In order to gain mainstream adoption, the industry needs to become stable and reliable. That is only possible when the industry is able to maintain its daily transaction volumes.

Olsson predicted that if the industry wants to excel and reach the $2 trillion market, then it needs to achieve a trading volume of at least $100 million per day. Once that happens, the industry will be able to achieve a market capitalization above $1 trillion that will bring it more adoption.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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