In our “Opinion” section, we publish expert views, commentary, and personal perspectives on developments in the cryptocurrency and blockchain industry. Here you will find analyses, debates, and opinions on key market events and technological trends. Read the “Opinion” section on ForkNews to explore different viewpoints on the evolving crypto landscape.
“Try your luck in Las Vegas. The food is better there,” said cryptocurrency critic Jeffrey Robinson, who has previously argued that digital assets are not investments and are not currencies. This week, some of the people who poured dollars into Bitcoin are regretting their decision as the price of the digital token fell below $5,000.
Of all the major cryptocurrencies, Bitcoin has seen the smallest decline in value. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and many other assets lost between 7% and 15%.
According to Bloomberg, on November 14, 2018, after maintaining a stable level for a long time, Bitcoin fell to $5,202. The value of other tokens also fell. However, according to Reddit creator Alexis Ohanian, the fall in the price of cryptocurrency is a necessary step for the further development of the area.
Yesterday, in just an hour, the price of Bitcoin fell by $800. The coin is currently trading at $5,590 for the first time since the October 2017 run. Investors suffer significant losses. For better or worse, the cryptocurrency market tends to follow Bitcoin's lead, especially on dips. Thus, Ethereum fell by 15%, while XRP and BTC fell by 13% and 12%, respectively. Even the cute dog-themed Dogecoin currency is falling in value.
This week, serious discussions have centered around the future place of digital assets and blockchain technology in the global financial system. As part of the Singapore Fintech Festival, many recognized authorities in the field and representatives of regulatory structures shaping global financial policy expressed their opinions. Stanley Jung, chief technical officer of IBM Blockchain for Financial Services, also did not stand aside.
Just a day before the high-profile Bitcoin Cash fork, the market capitalization of the cryptocurrency market fell below $200 billion. As recently as November 7, its value was estimated at $220 billion, and many bulls believed that the price of Bitcoin could break through the MA 200 and begin a long run towards the high level set last December.
Erik Voorhees, CEO of ShapeShift, said the United States' growing debt, hovering at $21.7 trillion as of November, will cause a huge surge in interest in the cryptocurrency. The CEO suggested that the government, as well as the Federal Reserve, is forced to print fiat money to pay off the national debt, and this inevitably leads to inflation and a weakening of the national currency.
Da Hongfei, founder of Antshares (now better known as NEO), believes that cryptocurrencies and blockchain are over-regulated. He recently gave an interview to the Chinese publication 8BTC, where he said that “blockchain can hardly survive under the current regulatory system.”
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