Apparently, investors of cryptocurrency are getting sceptical as the crypto prices kept lingering this year. Though the prices of popular cryptocurrency, which is Bitcoin was highly dominating. But, altcoins dropped more then 80% if not less. In short, the things were not really in favour. In this circumstances, someone who surely knows the market shared his views.
Josh Fraser is the CEO and co-founder of Origin Protocol, which is an open-source blockchain platform. At MarketWatch, he gave his statement, recently. He said that the adapted growth in the technology sector and uplifted adoption and utility of cryptocurrencies and blockchain is going to take the market on higher position by the end of this year.
We found Fraser stating in an email to MarketWatch that,“We’re seeing a shift towards development in the blockchain and crypto space, which is extremely important because some of the key pain points in the space are usability and pricing. People who have written off crypto as a result will only be drawn back in when they see real utility, versus speculation. This will help stabilize prices and is why building usable systems is critical”
Apart from that, he also said that this situation will contribute to improve and balance out the prices of crypto. That is the reason why we need to build usable systems, and that is an absolute requirement of the market.
He further added that usability and pricing are few of the problem spots in the space so that being able to see the development in the blockchain and crypto space is very important.
Here, Fraser expressed in the most optimistic way. All in all, he opined that the possibility of a rise in the price of cryptocurrency is quite high. He also pointed out the necessity of a system which can be utilized efficiently.
On the other hand, behind the scene scenario is pretty exciting as it is going through remarkable progress these days. Crypto markets are going through so many positive changes and global adoption.
Bakkt is an awaiting cryptocurrency exchange and is backed by NYSE parent company ICE. Huge corporations like Starbucks and Microsoft are having a corporate partnership with Bakkt. Bakkt is supposed to bring positive development for the future of cryptocurrency. You will hear The platform being introduced later this year, If the U.S. Commodity Futures Trading Commission (CFTC) approves it.
Additionally, in cryptocurrencies, financial institutes are having incredible interest in it. Most of the investors are finding it a great time to invest. Most prominent financial institutes including Citigroup and Morgan Stanley are about to initiate Bitcoin products, which is going to generate a renewed interest in crypto by Wall Street.
The chief information officer of Altana Digital Currency Fund, Alistair Milne shared some insight on the importance of institutional interest in the markets, He said that, “Goldman, Citibank, ICE. Now Morgan Stanley. All launching Bitcoin products and services because there’s no institutional demand. Institutional money took the hedge fund industry from $300 billion to $6 trillion.”
Though, the market sentiment is still low, even after the increase in institutional and corporate interest in the cryptocurrency. Now, the market seems to have a slight recovery, which is led by XRP. It uplifted 20% in a 24-hour trading period to its current price of $0.325. Bitcoin is showing only up 1% to $6,360. Meanwhile, altcoin Bitcoin Cash, EOS, and Stellar were trading on 5%.
The most impactive move will be related to the SEC’s ruling on the CBOE Bitcoin ETF. This decision is supposed to come out on September 30th. Let us see whether the market price spikes high or goes down depending on the approval of the application.