The crypto market still seems to be deep in the bear market, the market hasn’t shown any improvement in the crypto market cap for the past few weeks. Bitcoin (BTC) seems to be stuck at $3,500 at press time and according to analysts and experts, it is supposed to drop. Most experts in the crypto space believe that the market has yet to see a bottom, a lower low. Juan Hernandez, the Founder, and CEO of OpenFinance Network was of a similar view about the market going down. Talking to BlockPublisher, he stated,
I don’t believe we’re at the bottom yet, and this crypto winter could well extend into the spring and summer.
The investors now have their eyes on regulations and the Bitcoin’s ETF, the hopes are high that the ETF would eventually give the crypto market a boost and push it for a bull run finally once the SEC is satisfied and comfortable with the digital currency market. The debate on the topic of whether the ETF would be able to bring the market out of the bear market or not is still going on, but primarily, the focus is on the fact whether it would be approved soon or not. Juan commented relating to this,
ETFs will take some time to get approved, as the regulators have shown a lack of comfort with the current market’s ability to properly monitor and regulate itself. Once an ETF is approved, we expect to see more institutional capital enter the market.
Conclusively, Juan also gave his predictions about what 2019 would bring for crypto. According to him, 2019 would bring,
Regulatory clarity. Be it with an ETF approval or further guidance on items like security tokens, any additional clarify that the regulators can provide to the market will bring further stability and growth. We expect this to happen in late 2019 at the latest.
About OpenFinance Network:
The OpenFinance Network (OFN) is a leading U.S. trading platform for alternative assets. OFN is the first registered ATS US regulated trading platform created specifically to trade security tokens. OFN works with investors who hold assets in the $7.7T alternative asset market and is designed to create a secondary market for traditional non-listed alternative assets and token-based securities that is efficient and regulated.