At the time of writing, bitcoin is floating around the price of $3,649 as per www.coinmarketcap.com. Over the past few weeks, it has remained in this range with slight turbulence up and down. The market seems to be have gone flat. And as per Thomas Power, 2019 might just see the continuation of the current bear run that the crypto world is facing.
BlockPublisher got in touch with the board member of Blockchain Industry Compliance and Regulation Association (BICRA), Thomas Power, to get some insight regarding the current situation. In the past, he has made quite accurate predictions regarding the progression of the crypto market. In reply to the question regarding any remark that he might have had regarding the present situation of bitcoin staying the $3,000s for quite some time, Thomas said:
Flat market with Trumpism Brexit China slowdown.
Further talking about how long this flat market might persist, he said:
Whole of 2019. Bear Market. 2020-2022 massive global recession. Won’t come back until 2023.
This might come off as alarming for many in the crypto game right now. The current bear run that has been continuing on for quite some time has already resulted in the loss of a large amount of money for the investors in the crypto game. Besides investors, various projects which have raised fundings in crypto tokens have also been laying off employees in order to expand their runways lately. If this bear run further continues, things might get worse for many players in the game.
It seems that the wild run of cryptos has come to an end. It seems that the days of cryptos shooting up and plunging down extremely in terms of prices are gone. More and more institutional interest has started to grow regarding this space. Although the initial use-case of cryptocurrencies was largely driven by their usage in illegal activities, more and more general people and organizations are now looking at exploring the use-cases presented forward by them.
Developments are being made in the technological sector of cryptos and official bodies are now starting to look at the aspect of making this space regulated so that negative issues linked with it can be eliminated out, hence giving institutional investors the security fabric they need. While things might seem bleak in terms of the price and the market overall, various developments in the tech arena and adoption of cryptocurrencies will likely help this world grow and mature in the long-term.