Crypto Forecasters Had An Embarrassing 2018
Pretty much everyone failed to predict the bear market, then they failed to predict the bear market would continue and they’ll probably fail to predict when it will end according to Marc Bain, writing in Quartz. He looked back on a year of terrible predictions including Tom Lee’s BTC year end prediction of $25,000, Kay Van-Peterson’s $100k year-end prediction and Arthur Hayes’ $50k BTC ‘rebound’. Even the bears were wrong with their predictions. Benjamin Quinland predicted the price of BTC would tank, but he also picked $1800 by year end. On the other hand, there’s still a week left …
NEW YEAR NEW HOPES
Joseph Lubin Is Hopeful About Cryptocurrency In 2019
Joseph Lubin, the co-founder of Ethereum, declared on Twitter he is “calling the cryptobottom of 2018″ and that the future looked bright for 2019. Let’s hope he’s right.
Markets bounce back
Bitcoin is back around $4000 (it was above the magic mark for a bit but pulled back) which is a significant improvement on the start of last week when it had plunged to $3294. Ethereum jumped 15 percent yesterday to land around $128 (and hit $148 today, up from $87 at the start of the week) and XRP hit $0.374, up from $0.292 at the start of the week. The entire crypto market cap hit $137 billion, up from $104 billion at the start of the week.
Crypto Investors Homeless; Bitcoin Crash to Blame?
British TV station Sky News ran a report on local investors who lost their homes as the result of the Bitcoin price crash this year. The investors put up their homes as collateral for loans so they could buy more Bitcoin. When the price of Bitcoin dropped, their homes were taken from them along with their assets. Whether it’s cryptocurrency, real estate or the stock market, this proves the old adage “only invest what you can afford to lose”.
Huobi Cracks Down on Low Volume Tokens
Cryptocurrency exchange Huobi has recently added a ‘delisting risk warning’ tag to 32 cryptocurrencies that have poor trading volume. In addition to low trading volume, the warning can also be given if the team behind the projects fail to submit a weekly report for eight weeks or if they were to intentionally hide major events that can affect the token’s price.
Asian News Exchanges Have Huge Influence On Crypto Prices
A report published by Mosaic has found that major Asian news events have a significant effect on BTC price fluctuations. There are an increasing number of crypto exchanges targeting Mandarin speakers. Among 37 exchanges that launched last year, 20 are based in Asia and eight are in Singapore. Mandarin is the second-most supported language after English on exchanges.
Lack of Crypto Knowledge Stops the Market Growth
A recent survey conducted by the Europe-based online trading platform, eToro, has shown that 70 percent of investors are interested in crypto markets. However, three-quarters of traditional investors claim they lack knowledge about cryptocurrencies and how to invest, and this is a huge barrier to investing in it.
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