It has been a bearish attack for all the cryptos, but who would have thought there would be a $52 billion loss on the market.
Even though many crypto investors flocked into Manhattan for this week’s Consensus 2018 Conference, not even the rented Lamborghinis or even the 1,000 person yacht party with entertainment from world’s finest rapper Snoop Dogg would prevent the value of digital currencies tracked by marketcap.com from sinking by 50 billion dollars.
Notably, the price of Bitcoin went down by 5.2 percent this week to trade just above the 8,000 dollar mark even after Arthur Hayes who is an exchange executive predicted a surge to 50,000 dollars before the end of 2018. Hayes firm rented the Lamborghinis used in the event.
Even though this week’s drop is far from heights by crypto standards, the market resistance to Blockchain Week’s Ballyhoo highlights evidence that the most potential buyers already bought enough Bitcoin during last year’s tremendous surge.
As many bulls hope for more institutional investors, it’s not cleared whether governors in the United States and different countries will evolve to put in place laws which attracts the institutional investors.
Many people may not have a precise idea what cryptocurrencies are. A study carried out last year reveals that many investors invested in cryptocurrency because of peer stress and for fear of being left out without actually knowing how the market worked.
Many Wall Street investors have also come out dismissing the market terming it as a speculative bubble with Warren Buffet linking Bitcoin to rat poison.
According to Sunny Lu who is the CEO of VeChain Tech which is a Blockchain-based logistics company, this week’s losses may have occurred as a result of unmet expectations which tends to the 2018 conference.
He stated that
I think people were disappointed by the quality of projects and even the speakers because it was not as good as they expected.
This information wouldn’t have reached you if it wasn’t for us. $52 billion ain’t a small amount, but being an investor might hurt a bit. Let’s hope for the best to happen and may the positive predictions come true.