Bitcoin Rebuilds Itself After it’s Huge Price Drop

bitcoin bounceIf HODL is what long time crypto investors do with their crypto, BUIDL is what people do when their coins lose value and aren’t worth HODLing. Most people are still skeptical about the currency, but it’s capable within the next few months that it can reach it’s previous value of $10k again, due to Bitcoin’s innovations, startups, and further blockchain updates.

As of now, there’s a lot of behind the scenes actions occurring in the crypto world as it’s heavy hitters and high influencers begin to build it up from its previous hard week.

Bitcoin’s Current Week: The Rebuilding Stage

Binance was the first to announce their latest plans to create a decentralized blockchain exchange. They have the money to burn since it’s currently reached an average yearly revenue of $800 million. Coinbase has received a UK e-money license which helps increase their plans to expand across Europe.

Due to recruiting Emile Choi, an M&A (Mergers and Acquisitions) specialist, Coinbase might be able to obtain promising startups and include them into their growing empire. Insurance; Compliance; Finance. These are all the sectors, and much more that are good targets if Coinbase plans to go on an M&A sweep.

On the surface, stories like Barclays becoming the first banks to allow cryptocurrency (They accept Coinbase to conduct crypto transactions) and Binance making their own blockchain, it seems that the entire cryptocurrency market is taking a bullish turn.

When we think about people who have become crypto rich, it’s normally investor “whales” that come to mind. They are nameless, faceless entities who have the power to change the market in one quick trade.

But the largest whales aren’t the individual traders, but the crypto exchanges that have enough power to survive long crypto recessions and come back with a greater dominance over the market.

Senators Express Disapproval for Crypto

Last Wednesday, there was a Senate hearing that was made to discuss ideas on ICO legislation and there was a multitude of good and bad comments from the Representatives. Brad Sherman, had accused cryptocurrency of promoting terrorism. In addition, IMF’s Christine Lagarde express her concerns about crypto.

While their concerns were mainly negative, cryptocurrency has still bounced back from such accusations. It’s due to their technology and ability to compromise with regulators that we start to see more crypto projects receive government backing.

If there was a way to predict the future, we’d be spending our time to find out what’s going to happen to the cryptomarket. However, looking at bitcoin futures predictions is one of the few ways we can know when the candle is doing to drop or rise. In the short term, the future is rather bleak, but at least the contract volumes have grown.

Also, we’ll have a future that’s without Twitter, Facebook, or Google ICO advertisements, which is probably for a good reason. In retrospect, these issues had caused Bitcoin’s price to drop down 70% from its peak in December, but it shows clues on how to sell it again – the next time Bitcoin reaches the top.

Finally, there is a bit of good news for traders who are concerned about “whale” sell-offs which can directly affect the prices. An Mt Gox’ trustee stated that his selling strategy isn’t able to directly affect the markets. Conclusively, we’ll have to see how the crypto market bounces back this week through upcoming changes in their blockchain structure and the quality of the altcoins that are frequently introduced into the exchanges.

Disclaimer: We are not financial advisors and aren’t promoting any cryptocurrency for users to invest in. If you plan on doing so, do so at your own risk. Our content is made with the sole purpose to educate our readers.

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