Bitcoin Global News (BGN)
August 08, 2018 -- ADVFN Crypto NewsWire -- Between yesterday
and today, Bitcoin had been riding high compared to its recent
lows, with a consistent price point around $7,000. As of about 6 AM
EST, however, all of the top ten cryptocurrencies have been
falling, with Bitcoin losing about $500 in what was roughly a six
hour period.
The prevailing opinion of the
press, including Cointelegraph, seems to be that the recent
postponement of the SEC’s upcoming decision on whether or not to
allow the listing and trading of a Bitcoin ETF is to blame for this
new volatility. In attempting to back this up, Cointelegraph also
cited the fact that the entire market has lost around $15 billion
of its value in the last day.
Such an opinion is not a fallacy,
but based on the history of the
movements of the Crypto market, such events are not
uncommon.
All in all, what this news
primarily does is once again bring to light a phenomenon of sorts
that has arguably been true for quite some time.
Until the Blockchain industry the
proves wider utility or usefulness of the Blockchain and
Cryptocurrencies through real partnerships that affect people’s
lives for the better, the entire Blockchain market will continue to
move based on speculative events.
What do we mean by
this?
A speculative event can be anything
for which the conclusion has not been determined and yet, even so,
investors act like it already has been determined. Think about this
in the same way as it plays out in the traditional finance
industry.
Some stocks are truly speculative
because they have not proven their usage over the long
term.
Sometimes, the situation is even
simpler than that and a stock can begin by being speculative for
the first few years of its existence, until the company behind it
is considered trustworthy.
As trust is a keyword in the
Blockchain world, we’ll stick with that point for now. To decrease
speculation and therefore decrease market volatility, we need to
spread and increase public trust in Blockchain
technology.
Going back to earlier points, this
begins with real partnerships that actually affect peoples’ lives.
What this, on the other hand, does not involve is more pilots.
In short, it all comes down to
working products that a large group of consumers actually need and
can actively experience, as soon as possible.
By: BGN Editorial Staff
News:
Cryptocurrency
Market
Bitcoin
(BTC)