The trend of falling cryptocurrency prices has bottomed out this week as the dramatic drops of recent weeks have bottomed out.
As recent as a month ago, Bitcoin stood at $9674 after losing around $1,500 the month before.
Now, Bitcoin has recovered slightly to $9686.
Litecoin and ether have not showed the same resilience, both losing money.
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Source: Coindesk and Coinmarketcap (Litecoin)
Prices are rounded up to the nearest US dollar.
Ether could reach $100,000
Cryptocurrency expert Brian Schuster reckons the digital currency could soar in price if Ether becomes a value store like gold.
“What if you believe that Ethereum is less like one individual business and more like a store of value, like gold?” he said.
“This gives us a potential market capitalisation of roughly $10 trillion, leading us to believe that the price of Ethereum might rise as high as $100,000 per coin.
“We might even go one step further and say that Ethereum is not like one asset, but an asset to replace all currency that exists.
No US cryptocurrency regulation
White House official Rob Joyce has pledged no cryptocurrency laws are in the pipeline for the USA.
Joyce, a special assistant to President Donald Trump made the statement during a TV interview.
“I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are,” he said of cryptocurrency regulation. “So, I don’t think it’s close.”
“We are worried. There are benefits to the bitcoin concept — digital cash, digital currencies, but at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you can’t rewind the clock and take back that currency. With the current instantiation of bitcoin and other cryptocurrencies, we haven’t figured that out yet. So, it’s a problem.”
Polish central bank tried to spark cryptocurrency crash
Poland’s central bank paid a YouTube star to make a video about a cryptocurrency crash to warn about the dangers of investing in digital coins.
The National Bank of Poland (NBP) spent $26,000 on the video ‘I Lost All My Money’ following a speculator who bought a fake currency from an online fraudster.
“NBP is not opposed to the development of blockchain technology and its application, but the use of this technology in financial markets must be as safe and tested as in the case of other technologies,” said a spokesperson.