In the wake of regulations, market crises and new year vibes, Jalak Jobanputra, founder of FuturePerfect Ventures (NYC based Venture Capital Fund), believes that the year 2018 was the year of regulations for cryptocurrencies.
2018 was the year of regulations for cryptocurrencies
In an interview with CNBC, Jalak Jobanputra asserted that in 2017, the market experienced a big run-up in prices. During 2017, prices in the crypto market hit the successive milestone and Bitcoin’s historic price run had paved the way for plentiful projects based on its decentralized mechanism. On the other hand, the market was down more than 70% in 2018, in fact, the flagship cryptocurrency ended with its worst year on record.
Jalak Jobanputra is an investor and entrepreneur, and, she appreciated the way market has performed in 2017 and 2018. She said, due to lack of transparency in the trading of Bitcoin and other cryptocurrencies, many people took it negatively but according to her, it was a period of clarity.
She added clarity is a good thing for the market.
2019 Will Be a Better Year for Cryptocurrencies
A handful of states and other regulatory bodies are closely analyzing the most effective way to regulate the cryptocurrencies and the profit out of it. Nevertheless, she added that cryptocurrencies in this year will be useful with new institutional products. Consequently, Jalak pointed out SEC’s ETF (which is still under review) and Bakkt digital asset exchange that is backed by New York Stock Exchange and other market players will certainly be valuable for the market.
Indeed she believed, in 2019, the market will see who’ll actually be standing and will last. As we have seen there are many projects which began and shut down within the year, continuing that Jalak said;
I don’t think there should be a question that whether cryptocurrency is going to be around, rather it should be who still standing at the end of the year is.
On questioning, who’s going to be standing, she responded by recalling the emergence of Bitcoin. This Bitcoin comes into sight in the wake of financial crises in 2008. It’s around 10 years till now and Bitcoin has still survived in the market. While few believed Bitcoin as the store of value, she said that the year 2019 will likely prove ‘whether people flock to Bitcoin and crypto as a safe haven when the market does turn’ adding uncertainty and assets classes’ to be seen in 2019.
In a nutshell, she noted
If we turned around, Bitcoin is simply being around the longest
Crypto Market is Thriving
Accordingly, it seems like the nightmare of the 2018 crypto market is finally over. Bitcoin is trading green with 1.55 percent change during 24hrs. It is valued at (press time) $3894.32 with total marketcap of $67,995,005,258. Likewise, the other cryptocurrencies are following an upward trend as per the data from Coinmarketcap.
Let us know your prediction on the cryptocurrency market this year!
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com