Teeka Tiwari – a well-known crypto analyst, editor of Palm Beach Confidential, expressed his opinion about the causes of the current market decline. And he warned those who are ready to sell-off the coins before rebound, . “I am very upset by people selling at current prices – a real panic sale throughout the market,” the expert admits.
Two events are moving prices down now.
- Investigation of the CFTC on price manipulation (Commodity Futures Trading Commission – an independent agency of the US government, that regulates futures and option markets.). The CFTC seeks to understand that the data on the prices of bitcoin futures are true. They turned to large crypto-exchanges with a proposal to provide such data, but they were denied. The CFTC opened an investigation – this caused a sell-off.
- The second wave of sales is caused by the hack of Bithumb for $ 30 million on June 20. Sell-off initiated with the criminals, who do not care at what prices to sell the stolen bitcoins. This provokes big sales.
Moreover, even such a guru as Tika, does not undertake to predict how long the bearish trend will last. His observation: “Usually this kind of things are rather fleeting. But it’s still impossible to predict, some kind of hack or something can happen. ”
But there is good news.
Amazon stated that it will implement ETH into some of its services. Something like the industrial version of ETH, that is ETH fork. And they will carry out certain work on the main ETH network. For ETH – this is bullish news.
There are rumors about AmazonCoin and FaceBookCoin. But there will not be any super-coins that will kill everyone else. “There will be no situation when Amazon will issue a crypto currency, which will kill the BTC,” Tika said.
As for Ether, it is obvious that it should start to grow “like a mad” after news from Amazon.
Today, different blockchains are used to manage different levels of applications. VeChain can be used to solve supply issues, EOS for daily calculations. And for example, Aion, can collect everything together. “The idea is that one blockchain provider will be able to connect them all. Some will be cheaper, some used for taxes, some faster – that’s the future of blockchain prosperity, “the expert says.
Hashgraph will not kill bitcoin. Hashgraph is cool, but only for a certain range of things. Bitcoin and Ether are the most common public blockchains. But Hashgraph definitely has a high value in its field.
If you evaluate the technological advantages that bitcoin, blockchain and crypto currency offer, it becomes clear that they can change everything. They can reduce the cost of many processes to such levels that humanity can not ignore it. Either you believe in this future, in the widespread application of technology, or do not believe. There should not be any middle position. Those who are in the middle are now selling.
Teak concludes: “If you believe in it all just like me, then you have to take a deep breath, focus on what you can control, ignore what you can not control, develop and move on.”