Bitcoin Price Prediction and Analysis: Ripple CEO on the end of BTC influence on other coins. Crypto trading not illegal in China despite ban? Thursday, May 31
Important Bitcoin News
Separation from Bitcoin's dominance
Currently, while reporting price analysis and predictions for other cryptocurrencies, we have to take into consideration Bitcoin and its price movement, as with every fall or raise BTC moves the rest of crypto market.
CEO of Ripple, Brad Garlinghouse has said: "There's a very high correlation between the price of XRP (Ripple) and the price of bitcoin, but ultimately these are independent open-sourced technologies," he noticed that the market is relatively young and there is a lot of speculation, "There's gonna be a bit of a correction along the way here where a lot of the players in the space that don't actually solve a real problem are going to get washed out," There are more than 1,500 cryptocurrencies in circulation currently. He predicted that 99 percent of those digital assets won't exist in 10 years and there will come time when we will look at each currency individual.
Bitcoin is not illegal in China
During The 2018 China International Big Data Industry Expo in Guiyang, one of the professors at the Guanghua School of Management of Peking University has said that despite the China's ban on cryptocurrency exchanges, the sole action of trading BTC is not illegal. Liu Xiaolei stated that "In terms of supervision, the state has not made such a gesture so as to say it is not allowed."
While we are talking about China, there has been talks about creating a central bank digital currency (CBDC). However, before implementing such technology, they want to research the use cases and benefits, as well as the sole development process a bit further: "CBDC that could be made widely available to the general public and serve as an alternative safe, robust and convenient payment instrument raises important questions and challenges that would need to be addressed."
BTC Price Analysis
Looking at the BTC price chart from last days, one can notice the sudden spikes happening quite often with the very broad price amplitudes. BTC dropped in value almost $200 only in few hours, then fluctuated at around $7300 for a whole day just do drop even lower to $7200. On May 29th, BTC achieved what seems like the lowest price since quite a while, falling to $7090. However, it turned out to be a safe spot to bounce back to the higher regions and no longer than two days after this incident, BTC is confidently going up, exceeding $7500 mark.
BTC/USD Price Chart, Thursday May 31:
The recent fall may be attributed to the failed run towards the $9000 region. After BTC found the resistance there, it dropped down to $7000 quite easily, which shows that it is simply not prepared yet to achieve again such highs in a healthy way. Of course, some speculators and market influencers may pump it again above $10,000 in next months, however when it comes to utility, usability and the sole technology it's simply not ready to go any further and we shouldn't push it.
There has been more and more news and opinions that it's high time other cryptocurrency stopped being influenced by BTC movement and it's also what we have to face. A promising and well prospering altcoin shouldn't drop in value only because of some bitcoin scandal. There is also the fact that many platforms and sellers are keen on accepting cryptocurrencies as payment options, however they don't always choose Bitcoin, as it has become too speculative and too heavy for smaller transactions. BTC has to become a currency once again, with cheaper fees and faster transactions.
We are at the beginning at what seems like a big cryptocurrency and blockchain revolutions and there is no need to hurry this up for the sake of quick profits. We can assume and predict that BTC will hit $100,000 in next year. However, do we really want to pump it that high only by speculations without actual usage?
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