Having crashed about 82 percent from its peak, Bitcoin has been proclaimed a bubble and dead. However, the latest report, 2nd Global Crypto-Asset Benchmarking Study by the University of Cambridge, it’s greatly exaggerated as the expansion is just delayed and millions of users have entered the ecosystem.
Bitcoin becoming the Biggest Buying Opportunity of Year
Bitcoin has slipped down to $3,400, losing about 82 percent of its value since its all-time high. The last time, Bitcoin went this low has been in mid-September, 2017. Various experts and analysts are predicting more drop in prices, calling out a death spiral.
“Some people assume that if [death spiral] happens, then a lot of miners will say ‘okay, I’m not making enough profits anymore because the hash rate has dropped 50 percent, so I’m going to turn off my mining’ which then causes to drop even further, which causes it to get even slower, which causes to drop even further, drop slower, death spiral, difficulty never adjusts,” says Bitcoin advocate, Andreas Antonopoulos.
However, this is unrealistic as according to him, “miners have a much more long-term perspective.”
The current price drop is rather one of the biggest buy opportunity as per Weiss crypto Ratings that says,
“BTC is getting to such low levels that it’s becoming one of the best buying opportunities of the year. As a store of value, Bitcoin is here to stay. We truly think it’s the least speculative investment a person can make in crypto right now.”
Expansion Plans of Industry Participants just Delayed
The latest report titled, 2nd Global Crypto-Asset Benchmarking Study by the University of Cambridge, addresses the matter of Bitcoin and cryptos declared as a bubble (that has been made after every global ecosystem bubble) and dead which has been created by “collapse in prices, and subsequent media coverage of the losses borne by speculative investors in 2018.”
“The speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed.”
It further reveals few key findings that involve,
Total user accounts at service providers now exceed 139 million with at least 35 million identity-verified users, the latter growing nearly 4X in 2017, but most remains passive. Additionally, individuals constitute the largest share of the user base.
When it comes to mining, the majority of identified mining facilities use some share of renewable energy sources as part of their energy mix and mining is less concentrated than commonly perceived. China remains in the top-3 countries to host mining farms while the USA and Canada are seeing rapid growth.
As for the regulatory part, the report says self-regulatory efforts reflect growing industry maturity along with KYC/AML checks to ensure compliance.
The authors share a future outlook of the crypto asset that encompasses trend towards multi-coin support, innovations in trust-minimised off-chain payment networks, and scope for stablecoins whereas non-fungible tokens thought to have a limited impact in the coming year.
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?