We have today seen the Crypto market recover from what was a big correction.
As Bitcoin was climbing to $11,000 we warned that a correction was likely take place… it did! Many investors who had recently purchased Bitcoin at $10,000 and more we left sweating as the price quickly fell to $9,000.
As we have previously stated these corrections are common place when we see huge spikes in such a short space of time. It wasn’t just Bitcoin that suffered, but the vast majority of the Crypto Currency market.
Today we have seen a recovery taking place, much to delight of many! Bitcoin is currently over $10,600. Ethereum, which had fallen to $410 is now at $460.
We stated yesterday that we expected the market to bounce back:
As always it is extremely difficult to predict this market which is still in its early stages, but we do expect to see the market to bounce back once the correction is complete.
Many investors are entering the Crypto Market. The significant rise in Bitcoin has meant people are jumping onto the market, even though they do not know much about Crypto currency or what a ‘blockchain’ is. Hedge funds are waiting to come in onto this market and in a couple of weeks time we will see exchanges offering Bitcoin Futures; this will attract even more investors to the market who will not only be able to back Bitcoin’s price going up but will also be able to ‘short’ Bitcoin (meaning they can essentially ‘bet’ on Bitcoin going down in price).
At the moment your average person, even your average investor is finding it difficult to purchase Crypto currency (other than on ‘Coinbase’) and most people do not know what a Crypto ‘wallet’ is or where Crypto’s are held. Once this process becomes easier we expect the market cap across all Crypto’s to increase significantly.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.