Cryptocurrency is Here to Stay, But it’s Far From Mainstream At The Moment
Cryptocurrency is here to stay, although it’s far from widespread at the moment.
A lot of people assume that cryptocurrencies are a trend and that they will fade like they did previously. But there are various reasons why this isn’t true.
First, a lot of individuals want to invest in cryptocurrencies because they think they will be important in the future. These investors are prepared to do whatever it takes in order to make their money work for them, even if it means putting up with a great deal of criticism from those who don’t understand what they’re doing.
The bitcoin business still faces several obstacles in the form of regulations and security concerns, which is the second reason. However, these issues aren’t going gone anytime soon since they include individuals from all over the globe coming together to tackle them together.
As long as those hurdles persist, I don’t see any reason why we wouldn’t be able to see ongoing growth in cryptocurrencies over time.
Ethereum nears a significant test at the $4,000 mark, showcasing strong bullish tendencies.
Bitcoin (BTC) is currently experiencing mounting bearish pressure, just a week after the cryptocurrency attempted to rally toward the $30,000 level supported by positive regulatory developments. These bearish sentiments arise as crucial technical indicators signal a potential downward trajectory in both the short and medium term.
Users' grievances stem from their purchase of various crypto assets, including EOS, TRX, ELF, FUN, ICX, OMG, and QSP, which they allege were sold to Americans in violation of U.S. federal and securities law.
The Securities and Exchange Commission (SEC) is currently reviewing several Bitcoin ETF proposals that have been submitted to the regulator. Â Many of these proposals have been on hold since August, with the SEC leaving many in limbo as they await further guidance regarding Bitcoin's status as a security or commodity.
With the revival of their case by the Appeals Court, Binance users are granted another chance to pursue justice and potentially hold the platform accountable for alleged securities violations.
It is not uncommon for asset management firms to adopt the latest blockchain technology. This has been the case with Block Tower Capital and Blue Chain. So far, there have been at least five companies that have filed applications with the SEC seeking approval for Bitcoin ETFs.
Demeester highlights the minimal price drawdowns in the current market, indicating swift absorption of dips by eager buyers.
CoinEx, a cryptocurrency exchange based in Hong Kong has been hacked. The perpetrators managed to drain $28 million worth of assets from its hot wallets for Ethereum, TRIN and Polygon. The platform said it stopped deposits and withdrawals until it could find out how the money was stolen.
Continued bullish sentiment may propel Ethereum's price towards new highs beyond $4,000.
This is a particularly pivotal event for cryptocurrencies and the mainstream adoption of digital assets.