Experts on Bitcoin’s Volatility at Its Lowest Point: ‘Selling Has Become Exhausted’

2018-6-21 22:59

The world’s most popular cryptocurrency is reaching a low in volatility as Bitcoin stabilizes after its more than 60% decline in price since its December peak.

Experts believe that the “selling has become exhausted.” Bitcoin’s volatility is, reportedly, reaching its lowest point in over a year.

Stabilization Process

In an interview with CNBC, Blue Line Futures president Bill Baruch explained that “tremendous speculation” led to a Bitcoin value that was “soaring too quickly.”

Bitcoin’s abrupt surge in value was, reportedly, due to factors such as over-enthusiasm, mass speculation and a fear of missing out. However, Baruch stated that most of the over-enthusiasm had been wiped out and a bottoming process is beginning to take its place.

Now that Bitcoin’s value and volatility are becoming more stable, Baruch believes that this gives a “significant upside” for long-term investors. As for the future of cryptocurrency, it seems like it’s still on a rocky foundation.

Controversies have marred the reputation of cryptocurrencies such as Bitcoin in the past. This includes the hacking incident in South Korea, where $30 million in cryptocurrency was stolen leading to depreciation in Bitcoin’s value shortly after.

Cryptocurrency’s Bad Reputation

It also does not help that the leading players in social media are not supporting the cryptocurrency market. Based on a previous report by DigitalTrends, Twitter, Google, and Facebook have all pushed to ban cryptocurrency advertisements from their platform, which only obscures the market further instead of promoting it.

According to a separate CNBC report, the Bank of International Settlements lambasted cryptocurrency for being “unstable and vulnerable.” It stated that it “will never reach mainstream status.”

The BIS criticized cryptocurrencies for being too vulnerable to price manipulation, fraud, and money-laundering practices and that its transactions are “slow, costly and prone to congestion.”

The post Experts on Bitcoin’s Volatility at Its Lowest Point: ‘Selling Has Become Exhausted’ appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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