On the long term, cryptocurrency projects that have real use in the world like Bitcoin and Ethereum will rise again, after that, altcoins will follow.
For the moment, there are some factors that stop the market from rising:
The G20 Summit where all the Financial representatives of countries all around the world have their annual meeting to discuss matters at hand, which will also include the hottest topic at the moment, cryptocurrencies – This will take place on 17th – 20th of March, so keep an eye on it.
USDT – One of the biggest concerns in the market place which everyone tries to avoid talking about – Every tether is always backed 1-to-1, by traditional currency held in their reserves that they failed to show on their recent audits – Everybody is waiting for the balance sheets.
And finally, but not least, Nobouaki Kobayashi, the trustee for the bankrupt cryptocurrency exchange Mt Gox re-gained control of the stolen funds from 2014 and now he is said to be responsible for selling the recovered bitcoins to payback the exchange users and creditors – Bitcoin “hodlers” are complaining that moving that kind of large amounts on exchanges, plummeted the prices to $5922.
Another sad thing is that he still has $1.9 bln worth of bitcoin according to bloomberg, which if sold on large amounts on regular exchanges could decline its price even more.
On the long-term we can expect an increase, once regulations become more clear and institutional money will be entering the market – For the short-term it’s really hard to predict because we are currently in a bearish trend.
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