2018 has been particularly burdensome for the cryptocurrency markets, as Bitcoin and its sister alternative currencies have suffered a severe blow. The pre-eminent cryptocurrency has reached a minimum of two months, around $ 8,800 according to the data of Coinmarketcap at the time of writing this edition.
There are a lot of reasons why the market has been trampled in the first month of the new year. Much of this has been due to uncertainty about the regulatory movements of governments around the world, in reaction to what was a revolutionary year for the cryptocurrency market in general.
A couple of weeks of serious uncertainty in South Korea, a tightening of the regulatory belt in massive economies such as China and India, and some harsh comments from financial leaders and world leaders at the World Economic Forum in Davos have led to massive selling in the cryptocurrency markets.
The general capitalization of the market has dropped to $415 million, with the Bitcoin market dominating around 35 percent. Its fall in price has been imitated by almost all the alternative currencies in the top 50, in general, summarizing the current mood in space.
However, not everything is pessimism as experts in the industry, those cryptocurrency gurus that have existed since everything began, have taken advantage of the moment to highlight the vital characteristics that led to the cryptocurrencies that were adopted throughout the world.
Leaving aside fear, uncertainty and doubt, the members of the core of the community believe that the qualities that support the revolutionary aspects of Bitcoin and other cryptocurrencies will inevitably be their salvation thanks to market manipulation and repressive government measures.
The taking of Shrem
The founder of the Bitcoin Foundation, Charlie Shrem, posted some insightful comments on Twitter this week, as Bitcoin continued its decline to recent lows.
In a series of eight-part Tweets, Shrem unpacked the prevailing sentiment toward cryptocurrencies by banks and government institutions.
Beginning, he said that “Bitcoin and other decentralized, privacy-focused cryptocurrencies are the biggest innovation of my life, literally taking power and control of money from the hands of the government and into the hands of the people who use it.”
It hit the recent ICOs that have created ‘a dilution of our beautiful technology’ by calling ‘Blockchains’ and ‘digital ledger technology’ glorified ‘google spreadsheets’. He also said that something that claims to be Blockchain technology but is controlled by a single entity, is not Blockchain.
After that, he explained why this “liberating” technology will be attacked and undermined by established institutions.
“Of course, governments will do the same.” That you thought? Would they be renewed while we created our alternative financial system and people started using it? Governments do not like competition. ”
The World Economic Forum in Davos also gave an idea of the future, as it is likely that more governments will follow in the footsteps of Russia and Venezuela that are issuing state-owned virtual currencies.
Shrem also warned against this measure and said that “we will see a systemic impulse for the Blockchains regulated and controlled by DLT companies, banking consortiums and governments, THESE ARE NOT CRIPTOMONED, do not be fooled!”