Before coming to any conclusion lets look into some facts, after the massive increase of 3000% in the value of the Bitcoin in 2017 people start to trust more to the cryptocurrencies and we can look to the past data trends shows us the upward shift in the different cryptocurrencies like dash, Ethereum, Dashcash, Ripple along with many others and the volatility in 2018 make this asset stand out of crowd.
When on one hand digital currency is generating its hype, techies and financial experts were with opinion of arrival of freedom of currency from government and central banks and also from large financial institutions which influence the currency. At the same time some financial experts who are being considered as king of finance were with their opinion of calling digital currencies as “Supidity” and the Ray Dalio warned from this digital currency in words of saying it as “a bubble.”
Here comes the phase that was expected to arrive I would like to conclude it as a Phase of disruption, before adding few things further to this blog I would like to add one of the famous quotation which is of Ken Olson, who said during 1977 he is founder and CEO of Digital Equipment Corp, and quoting his words which are: “There is no reason for any individual to have a computer in his home” actually the reason of saying these words includes a hidden warning that restricts the successful business leader from foreseeing the insight disruptions.
Digital Currency market is nonlinear tech market, initially the business interests were attracted from the space, research and exploration but some people considered that by getting much is fair rather than working more and getting less so they turned toward the gambling and few of them moved toward the other unfair industries like pornographic industries which was illegal but the instant way to get lot in the lesser time. Moving toward our current Era, today we are standing in the world of digital currencies. Yes, The Digital Currencies are now considered as the key of getting billionaires which the people have perceived after this drastic increase in the price of Bitcoin.
But for now everyone is asking about what actually had happened and what is the reason of sudden decline of bitcoin and many other cryptocurrencies and when this decline is going to end this actually the mystery and everyone is wandering to find out the fix for this situation.
I would like to conclude with few little facts which are going to help us in finding out what actually had happened and how to get maximum out of it. Lot of you are familiar with forex trading and prices of the shares in the stock market are being determined on the basis of company’s success in terms of profit and failure in terms of loss. So now it brings up the question for everyone who have invested and not much familiar with the graphical changes and insight analysis than the price of Bitcoin changes with its market cap, which shows how much people are trusting and investing in the Bitcoin and the Bitcoin’s Market reserves.
Few of the incidence had happened during the current year which I had observed out of those one is of the hacking attack of hackers on the South Korean Exchange which is called Coinrail and was considered as one of the most active contributors to the bitcoin and running various bitcoin exchanges including the nearly $500 million theft from Japanese exchange Coincheck Inc. in late January.
Statistics says: Coinrail, trades in 50 cryptocurrencies and was among the world’s Top 100 most active venues, with a 24-hour volume of about $2.65 million and this data is compiled by the Coinmarketcap.com before the news of hack. Due to this hack, cryptocurrency loses $42 Billion of Market Cap which is round about 12-13% that I believe became the reason of this financial slump.
Consensus Singapore on 18th September 2018 is going to be a great day and it is also expected the this is going to bring positive moves of all the concerned digital currencies.
In this CoinDesk is excited to join TechXLR8 Asia by enhancing the connected innovations with Blockchain technology and crypto assets. Joining 5G Asia, IoT World Asia, NV & SDN, the AI Summit, and Project Kairos Asia, Consensus: Singapore will feature 75+ speakers and 50+ sponsors across 2 ½ days of powerful insights, industry announcements, and cross-industry networking opportunities. Source – CoinDesk
Soon there in expectancy of sudden increase in the cryptocurrencies and after this great depression of digital currencies soon a revival phase is going to be initiated so be ready for that and don’t lose hope according to the analysis of the data it seems to be that situations are going to even more better after some prior initiatives by the concerned communities with these digital currencies and the events the “Consensus Singapore” and these kind of summits are seems to be the hope for revival and which brings up better and more protected Blockchain framework which enhance the growth of Digital of Currencies.
Thank-you, all for reading and spending time with blog!